Underwriting
Analysis of risk and setting of an appropriate rate and terms for a mortgage on a given property for given borrowers.

Undivided Interest
An ownership right to use and possess a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.

Unencumbered Property
Real estate with free and clear title.

Unimproved Property
Land that has received no development.

Unrecorded Deed
A document that transfers title from the grantor to the grantee without recording (i.e. providing public notice).