Glossary - M
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Management Agreement: A contract between the owner of income-providing
property and the individual or firm who will manage that property.
Maturity: The date on which the principal balance of a loan, bond,
or other financial instrument becomes due and payable.
Mechanic's lien: A statutory lien created in favor of material
man and mechanics to secure payment for materials supplied and services
rendered in the improvement, repair, or maintenance of real property.
Modification: The act of changing any of the terms of the mortgage.
Mortgage: A legal document that pledges a property to the lender
as security for payment of a debt.
Mortgagee: The one who receives and holds a mortgage as security
for a debt.
Mortgage banker: A company that originates mortgages exclusively
for resale in the secondary mortgage market.
Mortgage broker: An individual or company that brings borrowers
and lenders together for the purpose of loan origination. Mortgage brokers
typically require a fee or a commission for their services.
Mortgage: The lender in a mortgage agreement.
Mortgage insurance: A contract that insures the lender against
loss caused by a mortgagor's default on a governmement mortgage or conventional
mortgage. Mortgage insurance can be issued by a private company or by
a government agency such as the Federal Housing Administration (FHA).
Depending on the type of mortgage insurance, the insurance may cover a
percentage of a virtually all of the mortgage loan.
Mortgagor: The borrower in a mortgage agreement.
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