Waiting period: The time between the initial filing of a registration statement and its effective date.

Warranty Deed: A deed with the greatest protection as grantor warrants goods, marketable title, that he or she will stand by.

Weighted-average coupon: The weighted average of the gross interest rates of the mortgages underlying a pool as of the issue date, with the balance of each mortgage used as the weighting factor.

Weighted-average equity: The denominator of the fraction used to calculate investment-level income, appreciation and total returns on a quarterly basis, consisting of net assets at the beginning of the period adjusted for weighted contributions and distributions.

Weighted-average rental rates: The average proportion of unequal rental rates in two or more buildings within a market.

Working drawings: The set of plans for a building or project that comprise the contract documents that indicate the precise manner in which a project is to be built.

Workout: The process by which a borrower attempts to negotiate with a lender to restructure the borrower’s debt rather than go through foreclosure proceedings.

Write-down: The accounting procedure used when the book value of an asset is adjusted downward to better reflect current market value.

Write-off: The accounting procedure used when an asset has been determined to be uncollectible and is therefore charged as a loss.