Glossary of commonly used terms and phrases
V
Variable Rate Mortgage (VRM) - See "Adjustable Rate Mortgage."
top
Verification of Deposit (VOD) - An official document issued by the borrower's financial institution that verifies the borrower's financial status and account balances.
top
Verification of Employment (VOE) - A document signed by the borrower's employer that verifies the borrower's position and salary.
top
Vested - Having the right to use a portion of a fund such as an individual retirement fund.
top
Veteran’s Administration (VA) Loan - A government loan for qualifying veterans for owner occupied resident properties, and administered by the Veterans Administration.
top
Voluntary Lien - A lien placed on a property by the voluntary act of the owner, usually a 2nd or 3rd mortgage.
top