Alternative Mortgage Instruments: Variations of mortgage instruments such as adjustable-rate and variable-rate mortgages, graduated-payment mortgages, reverse-annuity mortgages, and several seldom-used variations.

 

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Alternative Mortgage Instruments: Variations of mortgage instruments such as adjustable-rate and variable-rate mortgages, graduated-payment mortgages, reverse-annuity mortgages, and several seldom-used variations.

Mortgage Servicing: The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan.

Mortgage-Backed Securities (MBS): Investment instruments backed by a pool of mortgage loans.

Mortgage Revenue Bonds: A type of tax-exempt industrial development bond offered by state and local governments through their housing financing agencies.

Mortgage REIT: An REIT that invests in loans secured by real estate that derives income from mortgage interest and fees.

Mortgage Protection: Term assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding i . . . View Full Definition

Mortgage Rate: The interest rate on a mortgage loan.

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.

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

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