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Glossary of Financial Terms — W, X 







The borrowing of funds by a mortgage banker on a short-term basis at a commercial bank using permanent mortgage loans as collateral. This form of interim financing is used until the mortgages are sold to a permanent investor.


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A certificate giving the holder the right to purchase a security at a stipulated price, either for a specified period of time or perpetually.


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Weighted Average

An average calculated by using two data items,
1) the percentage each item represents of the total amount,
2) the data item in which you are trying to get a weighted average.


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Weighted Average Life

The average life of a set of amortizing assets such as mortgage loans collateralizing a financial asset such as a mortgage-backed or asset-backed security. The average life of each loan is “weighted” by multiplying by its representation in the collateralized asset.


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When Issued

A method of trading in listed or unlisted securities which have not actually been issued. These securities trade on a “when, as and if issued” basis. The securities are not yet deliverable and such trades are subject to subsequent delivery of the certificates.


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Work Flow

The order in which a process, activity or task must be accomplished.


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An indicated market given on an active security with the inference that, over time, either one of both sides could be made firm by the trader.


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Workout Order

Either a firm order in response to a workout market, or, more likely, a firm swap order usually involving two rare issues or at a level away from the current market levels.


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Wrap Fee

A comprehensive charge levied by an investment manager or investment advisor to a client for providing a bundle of services, such as investment advice, investment research and brokerage services. Wrap fees allow an investment advisor to charge one straightforward fee to their clients, simplifying the process for both the advisor and the customer.


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Wrap-Around Mortgage

A junior lien which is written for the entire mortgage indebtedness of the borrower; the wrap-around lender assumes the responsibility for the original lien, and the borrower thereby makes only one monthly payment (to the wrap-around lender).


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Information contained herein is believed to be reliable, but the accuracy and completeness of this material cannot be guaranteed.


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