qualification
The process which determines whether an applicant can be approved for a mortgage loan.

qualifying ratios
Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.

quality control
Policies and procedures designed to maintain optimal levels of quality, accuracy, and efficiency in the production, selling, and servicing of mortgage loans.

quick asset
An asset that is immediately convertible to cash. Also called a "liquid asset."

quiet enjoyment
The right of an owner to the use of property without disturbance.

quiet title action
Legal action taken to eliminate any interest or claim to property by others; the procedure used to perfect title when a quitclaim deed is unobtainable.

quitclaim deed
A deed relinquishing all interest, title, or claim an owner has in a property. A quitclaim deed implies no warranty.

quote
also a rate quote.  An interest rate offered by a lender based on a particular borrower's circumstances.