Waiver - Relaxing a requirement pertaining to the eligibility of a loan. Waivers may include permitting less documentation than would otherwise be required.

Wholesaler - A wholesaler is a lender that provides loans to borrowers through mortgage brokers or correspondents. The mortgage broker or correspondent works with you and gets your application.

Wraparound - Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.