Related Words

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

Mortgager: The borrower of a loan secured by property.

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

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

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.

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

Mutual Mortgage Insurance: Insurance premiums and other specified FHA revenues are paid into one of four FHA funds. Losses due to foreclosure are met from these funds.

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

Open End Mortgage: A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.

Package Tour: A tour that includes pre-paid transportation, accommodations and/or some combination of other tour elements, such as meals, transfers, sightseeing or car rental. A package tour may include m . . . View Full Definition