A lender refers to an individual or financial institution that provides loans to an individual, corporation, or public department in exchange for the principal and interest. A lender could be a bank, an insurance company, or a government...
financial services
lien
A lien is a security interest or legal right acquired in one's property by a creditor, or lienholder. A lien usually prevents sale of the property until the underlying obligation to the creditor is satisfied. If the underlying obligation is...
lien creditor
A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.
The Uniform Commercial Code §9-102(52) defines a lien creditor as:
A creditor that has acquired a lien...mortgage
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The...
mortgage servicer
Mortgage servicers are the companies that manage a mortgage after the mortgage has been granted. The lending institution granting the mortgage may be the servicer, or lending institution may pay or sell the mortgage to another company to...
mortgagee
In a mortgage transaction, the mortgagee is the party that lends the mortgagor money. For more information, see secured transactions.
[Last updated in June of 2023 by the Wex Definitions Team]
mortgagor
In a mortgage transaction, the mortgagor is the party that borrows money from the mortgagee. Thus, when you get a mortgage from a lender, you are a mortgagor and the lender is a mortgagee. For more information, see secured transactions....
mutual fund
A mutual fund is an entity registered and run by an investment company or investment bank. The shareholders of a mutual fund invest money in the fund, which is run by the professional team who anticipate a high return. Commonly the mutual...
National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) was created by the U.S. Congress in 1970 (12 U.S.C. 1752) as an “independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and...
National Credit Union Share Insurance Fund (NCUSIF)
The National Credit Union Share Insurance Fund (NCUSIF) was created in 1970 and is administered by the National Credit Union Administration (NCUA). The NCUSIF is used to protect members against losses if a federally insured credit union fails...