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| Vacancy Factor |
A multiple by which gross monthly rental income is multiplied. The vacancy factor reduces the owner's monthly rental income to allow for months when units are vacant and the owner is not receiving full rental income.
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| Valuation |
The estimating of value. See APPRAISAL
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| 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.
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| Verification of Mortgage (VOM) |
Documentation that establishes the customer's mortgage payment history.
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| 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.
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| Verification of Employment (VOE) |
Documentation that confirms the customer works in the job and at the employer listed on the handwritten loan application and receives a stream of income from this source. Verifications of Employment confirm the customer's position title, date of hire, employment type, hours of work per week, frequency of payment and salary.
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| Verification of Secondary Financing Funds Form |
A form that must accompany all loans that have secondary financing.
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| Vesting |
Names of the borrowers and the manner in which they hold legal title to the property. May include marital status. See LEGAL TITLE
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| VOD |
Acronym for Verification of Deposit.
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| VOE |
Acronym for Verification of Employment.
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| 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 LIEN
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| VOM |
Acronym for Verification of Mortgage.
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| VOR |
Acronym for Verification of Rent.
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