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Debt Management and Credit Cards Home
Terminology Financial Terms and Acronyms
Glossary Data Lookup & Reference Services

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33 results. (Showing 1 - 20)   

1. wage
Compensation paid to employees.

2. wage assignment
A clause in a loan contract that allows the lender to obtain the borrower's wages in the case of a default without notice or a hearing. This credit practice was prohibited by federal regulation in 1985.

3. wage garnishment
A process granted by a court order by which a lender obtains, directly from an employer, part of the salary of an employee who is behind in payments to the lender.

4. waiver
The voluntary relinquishment of a right to one's own property or to a claim against another's property, or to any other legally enforceable right.

5. waiver of exemption
A loan contract clause that contains a waiver or limitation of the borrower's right to exempt his or her personal or real property from attachment, execution or other legal process in the event of a default. This credit practice was prohibited by federal regulation in 1985.

6. warehouse loan

Related Term : warehousing

7. warehousing
The borrowing of funds by a retail lender on a short-term basis using permanent mortgage loans as collateral. This form of interim financing, called a warehouse loan, is used to raise funds to make home mortgages and carry them until the mortgages are packaged and sold "out of the warehouse" to an investor. Proceeds from the sale are used to reduce the warehouse loan.

8. warrant
(1) a certificate giving the holder the right to purchase securities at a stated price within a specified time period. (2) a written order, signed by a magistrate in the name of the government directing an officer to make an arrest.

9. warranty
A statement, either written, expressed or implied, providing assurance that some specified provision in a contract, such as a sale, is true.

10. warranty deed
A deed in which the seller warrants that the title to the real estate to be sold is good and salable.

11. water table
The point beneath the surface of the ground at which natural ground water is found. It is one of the factors considered by mortgage lenders.

12. way
A street, alley or other thoroughfare or easement permanently established as a passage for people and/or vehicles.

13. wealth
The value of one's total possessions and property rights.

14. when issued
Short for "when, as, and if issued." The term indicates a conditional sale of a security; the security has been authorized but not yet issued and paid for. All when-issued transactions are on a conditional basis until the security is delivered to the buyer and payment is delivered to the issuer. Federal Home Loan Bank System bonds are sold on a when-issued basis.

15. white elephant
Slang for property or a business that is so costly to maintain or operate that it is impossible to make a profit.

16. whole loan
A mortgage loan sold in its entirety. When a whole loan is sold by the original lender to an investor, all of the contractual rights and responsibilities of the original lender pass to the investor.

17. will
A written document signed by an individual that sets forth how the person desires his or her property to be distributed upon the person's death.

18. windfall profit
An unexpected profit arising from causes not controlled by the recipient.

19. wire transfer
An order to pay or to credit money transmitted electronically rather than by paper check.

20. with full recourse
A term used in the secondary mortgage loan market. It refers to a written clause in a sales agreement by which a lender sells mortgages to an investor. It means the seller/lender will fully reimburse the buyer/investor for any losses resulting from the purchased loans. This may be accomplished by the seller taking back any loans that become delinquent.

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