Glossary and Acronyms "V"

Variable return investment

Investments for which the return is not fixed. Variable return investments include stock and bond funds, as well as investments seeking to preserve principal but not guaranteeing a particular return. Examples include money market funds and stable value funds.

Verification of Deposit (VOD)

A statement of a borrowers account history and status, given by banks.

Verification of Employment (VOP)

A process used by banks and mortgage lendors to review the employment history of a borrower, to determine the borrowers job stability and cross-reference income history with that stated on the Uniform Residential Loan Application

Verification of Mortgage (VOM)

Documentation of a borrowers mortgage payment history that is often required when applying for a loan. In mortgage lending, the VOM is also used to verify the existing balance and monthly payments and to check for any late payments on the account.

Verification of Rent (VOR)

A form used in mortgage lending to verify monthly rent payed and late payments, if any.


The amount and frequency of fluctuations in the price of a security, commodity or market within a specified time period. Generally, an investment with high volatility is said to have higher risk because there’s an increased chance that the price of the security will have fallen when an investor wants to sell.

Value fund

A fund that invests primarily in stocks that are believed to be priced below what they’re really worth.

Variable annuity

A variable annuity is a long-term investment product that provides a variable rate of return based on the performance of the investments you select. A variable annuity is a contract between you and an insurance company, and it’s sold by prospectus. While it may take some time, you should read the prospectus. The prospectus describes risk factors, fees and charges that may apply to you.

Variable annuity charges

Variable annuities have fees and charges that include mortality and expense, investment management and administrative fees, contract fees and the expense of the underlying investment options. Variable annuities also have insurance-related charges, such sales expenses and surrender and transfer charges when an employee is terminated or withdraws from the plan’s investment.

Variable-rate monthly minimum payment

The minimum amount you will need to pay each month on your home equity line of credit, or HELOC (does not include any payments for the Fixed- Rate Loan Payment Option). The payment amount includes both principal and interest (minimum of $100). The monthly required payment may vary each month and is based on your outstanding loan balance and fluctuating interest rate. In general, this payment is intended to repay your loan balance in substantially equal principal and interest installments over the remaining loan term, based on the balance and rate information at the time of each monthly calculation.

Variable rate

An interest rate that may fluctuate or change periodically, often in relation to an index such as the prime rate or other criteria. Payments may increase or decrease accordingly. Ref: An Adjustable Rate Mortgage 

Vacation home

A vacation home is a single-family property that the borrower occupies in addition to his or her primary residence. The property cannot be considered income-producing and must not be part of a mandatory rental pool, but occasionally may be rented to friends and relatives. When property is classified as a second home, rental income may not be used to qualify the applicant. A 2- to 4-unit property is not eligible for second home status. Also known as second home.

VA loan

A mortgage that is guaranteed by the Department of Veterans Affairs (VA) for qualified veterans of U.S. military forces. See also: VA loan

Veterance Administration (VA) Mortgage

A veterance mortgage that is guaranteed by the Veterance Administration 



(Department of Veterans Affairs)

this federal government agency guarantees mortgages that assist eligible veterans in buying homes


Veterans Administration Commitment of reasonable value


Veterans Administration Master Committment of reasonable value


(Verification of Deposit) used to verify that X amount of money is in a borrower's bank account


(Verification of Employment) used to verify that a borrower is employed


(Verification of mortgage) used to verify that a borrower has X mortgage


(Verification of Rent) used to verify that a borrower pays rent and pays their rent on time


Verbal Verification of Employment


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