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| Underwriting |
The analysis of a customer's credit capacity and the loan's collateral upon which a risk is given.
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| Unemployment Compensation Award Letter |
A letter issued to employees who are awarded unemployment benefits when their employment is terminated through no fault of their own. The benefits they receive are called unemployment compensation.
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| Uniform Residential Appraisal Report (URAR) |
The most common appraisal form in use. The URAR is used to document the methods used to determine the market value of single-family residences and planned unit developments.
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| Update Addendum |
An update to the Preliminary Title Report/Title Commitment that reflects any changes to title since the original title report was prepared. See DATEDOWN ADDENDUM
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| Urban |
A term used to describe a property's location. Urban properties have paved access roads and streets, they are close to neighboring properties and have support services less than 10 miles away. Urban is also a term used to describe a property located in a city or town.
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| Usage Restriction |
Claims listed on a title report that are for usage rights on the property. Easements for public utilities, property improvement encroachments are examples of usage restrictions found on a title report.
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| Usury |
The laws of a jurisdiction regulating the changing of interest rates. A loan that changes interest in excess of those permitted is a usurious loan.
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