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VERIFICATION OF EMPLOYMENT (VOE) Document signed by the borrower's employer verifying the borrower's position and salary. BUILDING RESIDUAL TECHNIQUE A method of determining the value of an improvement normally used in appraising income property. LANDSCAPING Shrubs, bushes, trees and the like, on the grounds surrounding a structure. RECORDING The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents. USEFUL LIFE That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner. WAREHOUSING A term used in financing to describe the process which loan correspondents employ, assembling into one package a number of mortgage loans which the correspondent has originated and selling them in the secondary mortgage market. BASE LINE AND MERIDIAN An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states. |
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