mortgages

loan broker

Definition from Nolo’s Plain-English Law DictionaryA person or entity that specializes in matching homebuyers with appropriate mortgage lenders. Loan brokers (also known as mortgage brokers) make most of their money by marking up the costs on the loan the...

Mortgage

Mortgage Law: An Overview

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...

Mortgage Broker

See: Loan Broker

Mortgage Delinquency

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.

Mortgage Servicer

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...

Mortgage-Backed Security

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...

Mortgagee

In a mortgage transaction, the mortgagee is the party that lends the mortgagor money. See Secured Transactions.

Mortgagor

When you get a mortgage from a lender, you are a mortgagor. The lender is a mortgagee. See Secured Transactions.

noncontest clause

Definition from Nolo’s Plain-English Law DictionarySee: no-contest clause

Definition provided by Nolo’s Plain-English Law Dictionary.

Option ARM

Definition from Nolo’s Plain-English Law DictionaryA type of adjustable rate mortgage that allows the borrower to choose the payment amount, each month, usually from the following four options: a minimum payment based on the borrower's initial interest...

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