A loan broker, or a mortgage broker, is the middle person in between a lender and a borrower. While a borrower can directly borrow from a lender, a loan broker can help the borrower decide which lender meets the borrower’s financial goals. Using a...
mortgages
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 broker
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...
mortgage delinquency
Mortgage delinquency is a term often used in the context of real-estate to define a situation in which the borrower (homeowner) of a mortgage loan is late on required mortgage payments. After a certain point of delinquency (this varies by...
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...
mortgage-backed security
A mortgage-backed security is an investment in which the purchaser buys a slice of a pool of mortgage loans. As explained by the Financial Industry Regulatory Authority (FINRA), “mortgage-backed securities, called MBS, are bonds secured by...
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...
noncontest clause
Noncontest clauses (also known as in terrorem clauses, contest clauses, no-contest clauses, anti-contest clauses, and forfeiture clauses) are clauses in a will that impose a condition upon a devisee or legatee that they will not dispute the...