UNDERWRITING >> The analysis of a customer?s credit capacity and the loan?s collateral upon which a risk is given.

UNEMPLOYMENT COMPENSATION AWARD LETTER >> A letter issued to employees who are awarded unemployment benefits when their employment is terminated through no fault of their own. The benefits they receive are called unemployment compensation.

UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) >> The most common appraisal form in use. The URAR is used to document the methods used to determine the market value of single-family residences and planned unit developments.

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.