Mortgage Banker

 

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Mortgage Banker

A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker used its own funds, these funds are generally borrowed and the financing is either short term or, it long term, the mortgages are sold to investors (many times insurance companies) within a short time.



Mortgage Banker

Similar Matches

Mortgage broker

Mortgage broker

A company or individual that places mortgage loans with lenders, but does not originate or service loans like a mortgage banker.


Mortgage Life Insurance

Mortgage Life Insurance

A term life insurance policy for theamount of the declining balance of a loan secured by a mortgage or deed of trust. The beneficiary under the policy is the mortgagee. In the event of death (some policies also cover disability) of the insured (mortgagor), the mortgage is paid in full.


Mortgage

Mortgage

(1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.


Capped rate mortgage

Capped rate mortgage

A mortgage which guarantees the interest rate charged will not rise above a certain level. But it may fall in line with variable rates.


Open end mortgage

Open end mortgage

Mortgage against which additional debts may be issued. Related: Closed-end mortgage.


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