Glossary

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Wet Mortgage Loan

Financial Term

A Wet Mortgage Loan is a type of loan that is closed in person with a borrower and a lender. It is also sometimes referred to as an in-person closing or a traditional mortgage closing. During a Wet Mortgage Loan process, all parties involved in the transaction will meet in person to review and sign all required documents, including the promissory note and mortgage agreement.

Wet Mortgage Loans are used in the financial industry to ensure that all parties involved fully understand and agree to the terms of the mortgage. This type of closing process helps to reduce the risk of fraud and miscommunication between the borrower and the lender.

While Wet Mortgage Loans have been the traditional method of closing in the past, many lenders now offer digital or remote closing options. However, in some cases, Wet Mortgage Loans may still be required, depending on the lender and the specific type of loan being sought.

In addition to the benefits of reducing risk, Wet Mortgage Loans can also provide borrowers with a more personal and transparent experience. By meeting with their lender in person, borrowers can have any questions answered and any concerns addressed before accepting the loan.

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Financial Term Letter: W
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Wet Deficiency Fee
That fee, as set forth in the Transactions Terms Letter, payable by Seller for each calendar day that Seller fails to deliver to Buyer or its Custodian the Mortgage Loan Documents relating to any Wet Mortgage Loan purchased by Buyer following expiration of the Wet Mortgage Loans Maximum Dwell Time.

Financial Term Letter: W
Wet gas
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Energy Term Letter: W
Wet Mortgage Loan
A Mortgage Loan as to which Buyer purchases from Seller by delivering funds to the applicable Closing Agent prior to receipt by Buyer or its Custodian of the related Mortgage Loan Documents, subject to Seller?s obligation to deliver the related Mortgage Loan Documents within the Wet Mortgage Loans Maximum Dwell Time.

Financial Term Letter: W
Wet Mortgage Loans Maximum Dwell Time
That period of time, by which Seller must deliver to Buyer or its designee the Mortgage Loan Documents for a Wet Mortgage Loan.

Financial Term Letter: W
Wet Mortgage Loans Sublimit
The maximum aggregate principal amount of Purchased Mortgage Loans that may be Wet Mortgage Loans at any time, as set forth in the Transactions Terms Letter.

Financial Term Letter: W
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