Dictionary

Mortgagor

Definition:   a person who borrows money for buying property; a person who takes out a mortgage in order to buy property Pronunciation:   \ˌmȯr-gi-ˈjȯr\ Used in a Sentence:   The mortgagor gave...

Mortgage Insurance Premium (mip)

Definition:   fee paid by FHA borrowers to obtain a loan (up front and annual) Pronunciation:  \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ \ˈprē-mē-əm\ Used in a Sentence:   The MIP payment was calculated into our monthly mortgage payments.

Mortgagee

Definition:    a lender who holds a mortgage on specific property as security for the money loaned to the borrower Pronunciation:   \ˌmȯr-gi-ˈjē\ Used in a Sentence:    We used our...

Mortgage Loan Originator (mlo)

Definition:  person who solicits or offers to solicit mortgage loans, accepts or offers to accept mortgage loan applications, negotiates the terms or conditions of new or existing loans, processes loan...

Mortgage Lender

Definition:    a business entity that originates, sells and then services mortgage loans.  They are not depository institutions.  They originate loans and then package the loans together and sell the...

Mortgage Broker

Definition:   a person or firm that acts as an intermediary between borrower and lender: one who , for compensation or gain, negotiates, sells or arranges loans and sometimes continues to...