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Umbrella Mortgage [back to top]
This type of mortgage is also referred to as a "wrap around", which is a special arrangement where one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payments to the lender while the mortgagor makes one payment to the mortgagee.
Undertaking [back to top]
This is a promise made by a lawyer to ensure that certain conditions of the lender are met after closing, due to time constraints. For example, to register a discharge of an old first mortgage after the new one has been registered because there is simply not enough time to do so at closing. Furthermore, undertaking also governs such closing activities as releasing funds before a new mortgage document is officially registered.
Underwriting [back to top]
The process of deciding whether or not to lend money, or the amount of the loan, based on information provided to the lender. Every lender has a different underwriting process and lending criteria which differ between various lenders.