Business / Real Estate Glossary

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

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.

Mortgagor: In a mortgage transaction, the buyer/borrower is the mortgagor. The mortgagor is required to sign a promissory note for the amount borrowed and to execute a mortgage to secure the debt. The . . . View Full Definition

Mrs. Murphys Exemption: The common description of the exemption that applies to an owner-occupied building with four or fewer units.

Multi-Lender Rule Loans: Loans involving 10 or fewer investors regulated by the Corporation Commissioner.

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

Multiperil Policies: Many insurance companies offer multiperil policies for apartment and commercial buildings. Such a policy offers the property manager an insurance package that includes standard types of comm . . . View Full Definition

Multiple-Listing Clause: A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization.

Multiple-Listing Service (MLS): A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties . . . View Full Definition

Municipal Bonds: Bonds issued to finance public improvements such as parks, schools and urban renewal projects.

Must-Buy Buyers: Buyers looking for properties that meet specific needs.

Must-Sell Sellers: A highly motivated or desperate seller.

Mutual Consent: A meeting of the minds, a mutual assent of the parties to the formation of the contract.

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.

Naked Title: Bare title to the property, lacking the usual rights and privileges of ownership. A trustee in a deed of trust securing instrument may hold the title to a secured property, but only such tit . . . View Full Definition

National Association Of Independent Fee Appraisers (NAIFA): A professional association of appraisers with more than 2,000 members nationally. NAIFA offers the specialty designations IFA (member), IFAS (senior member) and IFAC (appraiser-counselor).

National Bank Act Of 1863: In 1863, President Abraham Lincoln, at the urging of Salmon Chase, the Secretary of the Treasury, signed the National Bank Act. The Act established a national banking system and a uniform na . . . View Full Definition

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