Insured Mortgage: A mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure.

 

Related Words

Insured Mortgage: A mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure.

Mortgagee: In a mortgage transaction, the party who receives and holds a mortgage as security for a debt, the lender. A lender or creditor who holds a mortgage as security for payment of an obligation.

Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.

Mortgage-Backed Security (MBS): A security guaranteed by pools of mortgages and used to channel funds from securities markets to housing markets. Ginnie Mae has a popular MBS program recognized for its low risk and high yi . . . View Full Definition

Mortgager: The borrower of a loan secured by property.

Mortgage-Backed Security: Mortgage-backed securities are created when the sponsor buys up mortgages from lenders, pools them, and packages them for sale to the public, a process known as securitization. The securitie . . . View Full Definition

Mortgage-Backed Securities Clearing Corporation (MBSCC): A wholly owned subsidiary of the Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBS transacted for forward delivery.

Multiclass Mortgage Securities: Short- and long-term mortgage securities, with or without pass-through privileges.

Open-End Mortgage: Mortgage against which additional debts may be issued. Related: Closed-end mortgage.

Package Mortgage: A mortgage on a house and property in the house.