Warehousing
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.

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

WB
We Bid

WBF
We Bid Firm

WBS
We Bid Subject

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.

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.

WI
When Issued

WO
We Offer

WOF
We Offer Firm

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

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.

Workout-Market
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.

WOS
We Offer Subject

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).

WSJ
Wall Street Journal

WW
With Warrants