California Mobile Home Dictionary - U

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Underwriting: The process of analyzing a borrower's finances and payment history in order to approve or deny a loan.

Undisclosed principal: A party in a transaction who is unidentified, which in some states there are very strict regulations concerning this practice, but might occur if a broker has been asked to keep the identify of his client secret.

Uniform Commercial Code, UCC: As of January 1, 1965, this codification of commercial law was passed and then adopted by most states and which establishes a unified and comprehensive scheme for the regulation of commercial security transactions in personal property and superseded the existing statutes on and bulk transfers, chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.

Usury: The illegal practice of lending money and charging a rate of interest greater than the maximum permitted by law.

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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

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