Investment Glossary:

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W

Warehouse Fee:  A closing-cost fee representing the lender\'s cost of holding a borrower\'s loan temporarily before it is sold on the secondary mortgage market.

Waiver:  The voluntary renunciation, abandonment, or surrender of some claim, right or privilege.

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

Wholesale:  To contract a property with the intention of reselling it quickly at a higher price.

Wild Deed:  An improperly recorded deed

Without Recourse:  A lender looking to the mortgaged real estate as a source of repayment in the event of default.  Lender agrees not to seek a personal judgment against the borrower for any deficiency. 

Working Capital:  Liquid assets available for the conduct of daily business. 

Working Capital Ratio:  Ratio of current assets to current liabilities.  It is one of the most commonly used ratios to indicate a company's financial position.

Wraparound Mortgage: An alternative to refinancing the entire loan when a borrower needs additional funds; an existing loan is retained and an additional loan made that equals or exceeds the existing loan.

Writ of Execution:  A court order which authorizes and directs the proper officer of the court (usually the sheriff) to carry into effect the judgment or decree of the court.