Waiver - The voluntary surrender or renunciation of a claim, right or privilege.

Warehouse Fee - A closing-cost fee showing the lender's cost of holding a borrower's loan before they sell it on the secondary mortgage market.

Warranty Deed - A deed that has a covenant that; the grantor will protect the grantee against any and all claims. It usually contains covenants ensuring good title, freedom from liens and encumbrances, and quiet enjoyment.

Wholesale - To put a property under contract with the intention of reselling it quickly for a profit.

Wild Deed - A deed improperly recorded.

Without Recourse - Words used in endorsing a note to waive personal liability of the debtor in repayment of the note(repossession of the asset the loan is against is the only recourse).

Workout - The process of working with a lender to explore alternatives to foreclosure or bankruptcy after a default.

Wraparound Mortgage - A loan arrangement where an existing loan is maintained and an additional loan is created that is equal to or greater than the existing loan.

Writ of Execution - A court order that authorizes and directs an officer of the court (usually a sheriff) to carry out the judgment or decree of the court.