Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

 

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Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

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.

Mortgager: The borrower of a loan secured by property.

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

Multiple Peril Insurance: Insurance policy that covers a wide variety of property damage.

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

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 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.