| Vacancy Factor |
Percentage rate expressing the loss from gross rental
income due to vacancy and collection losses.
|
| Valuation |
Estimation of value or price through appraisal.
|
| Valuation Condition (VC) |
Exception placed by the Valuation Department
on an appraisal.
|
| Variance |
Approved special charge in construction codes, zoning
requirements or other property use restriction.
|
| VARIABLE INTEREST RATE |
An interest rate that fluctuates as a result of changes in a controlling
index rate . With adjustable-rate mortgages, there are usually maximums
as to the frequency and amount of fluctuation.
|
| Vendee |
Party to whom personal or real property is sold.
|
| Vendor |
Seller of personal or real property.
|
| Vendor's Lien |
Unpaid seller's right to a prior lien on property until
the purchase price has been recovered.
|
| VERIFICATION OF DEPOSIT (VOD)
|
Documentation that confirms the customer has access to specified amounts
of money through a bank or investment account. Verifications of Deposit
are documented on Fannie Mae form 1006.
|
| Verification of Employment (VOE)
|
Documentation of a mortgage
applicant's work history and/or occupation that is intended to assist
with the lender's credit investigation and decision process. Many
lending institutions ask potential borrowers to sign employment
verification forms and then under the applicant's signature, make direct
inquires to employers about the applicant.
|
| VERIFICATION OF MORTGAGE (VOM)
|
Documentation that establishes the customer’s mortgage payment history.
|
| VERIFICATION OF SECONDARY FINANCING FUNDS FORM |
A form that must accompany all loans that have secondary financing.
|
| VESTING |
Names of the borrowers and the manner in which they hold legal title to
the property. May include marital status. See also LEGAL TITLE.
|
| Veterans Administration (VA)
|
|
Independent agency of the federal
government created in 1930. The Servicemen's Readjustment Act of 1944
authorized the agency to administer a variety of benefit programs
designed to facilitate the adjustment of returning veterans to civilian
life. The VA home loan guaranty program is designed to encourage lenders
to offer long-term, low-down-payment mortgages to eligible veterans by
guaranteeing the lender against loss.
|
| VOLUNTARY LIEN |
A secured financial interest in a property that is created by agreement
between a creditor and the borrower. Basically, the borrower is agreeing
to use the property as collateral for the loan. The most common example
of a voluntary lien is the one created by a mortgage given for a home
loan. See also LIEN.
|
| Voluntary Conveyance |
| Voluntary transfer of title to the real estate
security on a defaulted mortgage by deed from the borrower to the lender
as an alternative to foreclosure. By arrangement between the parties,
the lender saves the expense of foreclosure and the borrower receives
credit for payment of the debt in full. |
