Glossary and Acronyms "U"
Unitholder
An owner of units in an investment. See shareholder.
Unit class
Investment funds divided into units, instead of shares. Collective investment funds and other funds may offer more than one type or group of units, each of which is considered a class, such as “Class A”. For most investment funds, each class has different fees and expenses, but all of the classes invest in the same pool of securities and share the same investment objectives.
Unit value
The dollar value of each unit on a given date.
Unit
A representation of ownership in an investment that doesn’t issue shares. Most collective investment funds are divided into units instead of shares. See share.
U.S. Treasury securities
Debt securities issued by the United States government and secured by its full faith and credits. U.S. Treasury securities are the debt-financing instruments of the U.S. government. Often referred to as treasuries.
Usury
The charging of an illegal rate of interest as a condition to lending money.
Upfront costs
The costs you must pay when applying for a loan. Typically these include loan application fees. Some lenders require some of your closing costs also be paid when you apply.
Unsecured loan
Typically used when referring to a loan or a line of credit (unsecured loan, unsecured line of credit) that is not backed by collateral.
Underwriter
The person who approves or denies a home loan, based on the lender’s underwriting and approval criteria.
Underwriting
The lender’s process of deciding whether to make a loan to a potential borrower based on credit, employment, assets and other factors, and the matching of this risk to an appropriate rate, term and loan amount.
Uniform Residential Loan Application (1003)
The standard loan application form published by the Federal National Mortgage Association (Fannie Mae) and used by most lenders.
Unsecured lines of credit
Typically used when referring to a loan or a line of credit (unsecured loan, unsecured line of credit) that is not backed by collateral.
Acronyms
UAD
Uniform Appraisal Dataset
UCDP
Uniform Collateral Data Portal
UDAAP
Unfair, Deceptive or Abusive Acts and Practices
UDM
Undisclosed Debt Monitoring
UETA
Uniform Electronic Transactions Act
ULDD
Uniform Loan Delivery Dataset
UMDP
Uniform Mortgage Data Program
UPB
Unpaid Principal Balance
URAR
Uniform Residential Appraisal Report
USDA
US Department of Agriculture
UTR
Underwriter to review
UW
Underwriting
UFMIP
(Upfront mortgage Insurance premium): Mortgage insurance premium paid in a lump sum upfront on an FHA loan
UST
(Uniform State test): 25 questions addition to the National test component that replaced most individual state state tests