UPDATE ADDENDUM >> An update to the Preliminary Title Report/Title Commitment that reflects any changes to title since the original title report was prepared.

URBAN >> A term used to describe a property?s location. Urban properties have paved access roads and streets, they are close to neighboring properties and have support services less than 10 miles away. Urban is also a term used to describe a property located in a city or town.

USAGE RESTRICTION >> Claims listed on a title report that are for usage rights on the property. Easements for public utilities, property improvement encroachments are examples of usage restrictions found on a title report.

USURY >> The laws of a jurisdiction regulating the changing of interest rates. A loan that changes interest in excess of those permitted is a usurious loan.

VALUATION >> The estimating of value.

VARIABLE INTEREST RATE >> An interest rate that fluctuates as a result of changes in a controlling index rate . With adjustable-rate mortgages, there are usually maximums as to the frequency and amount of fluctuation.

VERFICATION OF MORTGAGE (VOM) >> Documentation that establishes the customer?s mortgage payment history.