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.

VERIFICATION OF DEPOSIT (VOD) >> Documentation that confirms the customer has access to specified amounts of money through a bank or investment account. Verifications of Deposit are documented on Fannie Mae form 1006.

VERIFICATION OF EMPLOYMENT (VOE) >> Documentation that confirms the customer works in the job and at the employer listed on the handwritten loan application and receives a stream of income from this source. Verifications of Employment confirm the customer?s position title, date of hire, employment type, hours of work per week, frequency of payment and salary.

VERIFICATION OF SECONDARY FINANCING FUNDS FORM >> A form that must accompany all loans that have secondary financing.

VESTING >> Names of the borrowers and the manner in which they hold legal title to the property. May include marital status.