A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The...
money and financial problems
mortgage-backed security
A mortgage-backed security is an investment in which the purchaser buys a slice of a pool of mortgage loans. As explained by the Financial Industry Regulatory Authority (FINRA), “mortgage-backed securities, called MBS, are bonds secured by...
mortgagee
In a mortgage transaction, the mortgagee is the party that lends the mortgagor money. For more information, see secured transactions.
[Last updated in June of 2023 by the Wex Definitions Team]
mortgagor
In a mortgage transaction, the mortgagor is the party that borrows money from the mortgagee. Thus, when you get a mortgage from a lender, you are a mortgagor and the lender is a mortgagee. For more information, see secured transactions....
multiple party account
A multiple party account is an account held in any sort of financial intermediary, such as a bank or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will...
mutual fund
A mutual fund is an entity registered and run by an investment company or investment bank. The shareholders of a mutual fund invest money in the fund, which is run by the professional team who anticipate a high return. Commonly the mutual...
mystic will
A mystic will is a last will and testament in which the contents of the written will are kept secret until probate. In this manner, mystic wills serve the purpose of preventing individuals other than the testator from learning the contents of...
negative income
"Negative income" typically refers to a situation where an individual or entity's total expenses exceed their total income, resulting in a net loss. It is also commonly known as a "negative taxable income" or "tax loss." It is important to...
negative will
A negative will is a will in which the testator attempts to disinherit a person by stating that desire directly, for example “I disinherit X.” Usually, a negative will becomes an issue in cases of possible intestacy when a state’s probate...
negotiable instrument
A negotiable instrument, sometimes called an instrument, is any financial document that directs payment to its holder or a named party. More specifically, a negotiable instrument must be written, signed by the maker, include an unconditional...