MORTGAGE DICTIONARY

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WAIVE ESCROWS:
The act of the lender in allowing the borrower to retain responsibility for paying taxes and insurance.

WAREHOUSE FEE:
Charge to a borrower to cover the costs of the lender taking short term loans from other lenders to cover the borrower's mortgage.

WAREHOUSING:
The process of assembling mortgages for sale to the secondary mortgage market.

WEEKLY PAYMENTS:
An alternative to the more traditional monthly payments on a loan or mortgage. Results in faster pay-down of principal, lower total interest paid.

WIRE TRANSFER:
The movement of funds from one place to another electronically.

WRAPAROUND MORTGAGE:
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.