Glossary

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Waiver of lien
Voluntary giving up of a right of a lien, usually on a temporary basis. The waiver may be explicitly state or implied. An example is when a lender waives its right of lien against secured property of the borrower because of missed payments on a mortgage.

Warranty Deed
Assures that the title encumbrances. It includes covenants of (1) seizing, (2) freedom from encumbrances, (3) express warranties of title, (4) right to quiet enjoyment, and (5) further assurance. See Quitclaim deed

Wire Transfer Fee
A fee charged by some lenders to cover the cost of wiring the mortgage funds to the appropriate parties, such as the title company or attorney, so that they are available for closing.

Without Recourse
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property.

Wraparound Mortgage
A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both Business are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.