U

Underwriting

In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

Underwriting Fee

The underwriting fee covers the cost of evaluating your entire loan package, including your credit report and appraisal, to determine whether we can approve your loan request.

Username

A unique sequence of characters including letters and numbers which is generated by Quicken Loans and used as identification when logging on to My Quicken Loans. It is required to give you exclusive access to the status of your loan and your loan documents online.

Usury

Interest charged in excess of the legal rate established by law.

V   (Index)

VA Loans

Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

Variable Rate Mortgage

See Adjustable Rate Mortgage.

Variable Rate

Interest rate that changes periodically in relation to an index.

Verification of Deposit (VOD)

Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

Verification of Employment (VOE)

Document signed by the borrower's employer verifying the borrower's position and salary.