| W-2
|
A document that reports to the Federal government income earned by
salaried employees. This document reports employees’ total gross and
withholdings made during the previous tax year. Employers must mail W-2s
by January 31 of each year for the prior tax year.
|
| Warranty Deed |
Deed in which the grantor or seller warrants or
guarantees that good title is being conveyed, as opposed to a quitclaim
deed that contains no representation or warranty regarding the quality
of title being conveyed.
|
| WHOLESALE LENDER
|
A lender who works only with mortgage brokers and takes completed loan
packages and underwrites them. They offer mortgage brokers discounted
pricing in return for the up-front work done by the mortgage broker.
|
| Will |
Written document providing for the distribution of
property at death.
|
| WITHHOLD
|
Portion of a loan held back by the lender until a condition is satisfied
or met. Usually regarding the appraisal and repairs to be made to the
property which secures the loan. Same as HOLDBACK.
|
| Worker's Comp Insurance |
This policy covers injury that might occur on
the project site as a result of working on the project. It covers any of
the Contractor’s employees assigned to and working on the site. It is
generally carried by the builder/contractor. This coverage is not
available to tradesman owner builders or owner-builders.
|
| Wraparound Mortgage
|
| Refinancing technique involving the creation of a
subordinate mortgage that includes the balance due on the existing mortgage(s) plus the amount of the new secondary or junior lien. Full
payments on both mortgages are made to the wraparound mortgagee, who
then forwards the payments on the first mortgage to the first mortgagee. |
