Glossary of commonly used terms and phrases

V

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