A mortgage broker, also known as a loan broker, is a person who acts as the intermediary between a mortgage lender and a mortgage borrower, and facilitates the real estate transaction for a mortgage.
[Last updated in April of 2022 by...
housing
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....
non-judicial foreclosure
A non-judicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing non-judicial foreclosure, private parties must contract for a power-of-sale clause in a...
nonjudicial foreclosure
A nonjudicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing nonjudicial foreclosure, private parties must contract for a power-of-sale clause in a...
option ARM
An Option ARM (adjustable-rate mortgage) is a type of mortgage where the borrower has several possible payment choices. The borrower may pay:
A payment covering the interest and principal amounts, which will reduce the amount owed on...redlining
Redlining can be defined as a discriminatory practice that consists of the systematic denial of services such as mortgages, insurance loans, and other financial services to residents of certain areas, based on their race or ethnicity....
satisfaction of mortgage
A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower. The facts of the mortgage loan, conditions relieving the lender...
subprime loan
A subprime loan is a loan made to a borrower who is not eligible for the best market rates (known as prime rates), but rather at a higher rate of interest because of increased risk factors.
Subprime borrowers usually have...