W-2
IRS form which reports income paid and taxes withheld by an employer for a particular employee during a calendar year.

W-4
IRS form which determines the amount of Federal taxes the employer will withhold from a person's paycheck each pay period.

waiver of lien
The written evidence from a contractor or supplier, surrendering the right of lien to enforce collection of debt against a property.

warehouse Fee
Many mortgage firms must borrow funds on a short term basis in order to originate loans which are to be sold later in the secondary mortgage market (or to investors). When the prime rate of interest is higher on short term loans than on mortgage loans, the mortgage firm has an economic loss which is offset by charging a warehouse fee.

warehouse lender
A short-term lender for mortgage bankers. Using the note as collateral, the warehouse lender provides interim financing until the mortgage is sold to a permanent investor.

warehouse loans
Loans that are funded and awaiting sale or delivery to an investor.

wraparound Mortgage
Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.