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Glossary of terms used on this site

There are 84 entries in this glossary.

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M

Term	Definition
Maturity	The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Mortgage	A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.
Mortgage Banker	For a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.
Mortgage Broker	A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.
Mortgagee	The lender in a mortgage agreement.
Mortgagor	The borrower in a mortgage agreement.

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