· Underlayment   A layer of wood between the sub-floor and the floor.

· Underwriting   The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

· Undisclosed heir   A person who claims the right to a piece of property after the death of an owner without a will.

· Undisclosed spouse   An unidentified marital partner who can claim the right to a piece of property.

· Unrecorded deed   An unrecorded deed transfers ownership from one party to another without being officially recorded.

· U.S. Department. of Housing and Urban Development (HUD)   A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

· Unsecured loan   Any loan that is not backed by collateral.

· Upgrades   Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.

· Upzoning   The process in which a property is zoned from a lower to a higher use.

· Urban sprawl   The unplanned expansion of development over a large area.

· Usury   A reference to illegally excessive interest charged on any loan.