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...
See: Loan Broker
A situation in which the borrower of a mortgage loan is late on payments. Beyond a certain point (usually 30 to 60 days), the mortgage loan holder may begin foreclosure proceedings.
A company that manages mortgage for a fee. If a bank or other holder of mortgages does not have the staff / resources to manage mortgages, they may have a mortgage servicer. The servicer collects mortgage payments, tracks the mortgages and handles...
An investment in which the purchaser is buying a slice of a pool of mortgage loans.
For example: Suppose a bank issues ten mortgages. For each mortgage, the bank gives money to the borrower in exchange for an I.O.U. worth the amount of the...
In a mortgage transaction, the mortgagee is the party that lends the mortgagor money. See Secured Transactions.
When you get a mortgage from a lender, you are a mortgagor. The lender is a mortgagee. See Secured Transactions.
Definition provided by Nolo’s Plain-English Law Dictionary.