Mortgage Note or “Note”

A real estate mortgage note is a legal document obligating a borrower to repay a loan at a stated interest rate during a specific period of time. The agreement is secured by a mortgage or a deed of trust. The note will contain the important loan elements such as your loan amount, interest rate, due dates, late charges and the terms of your...

Mortgagee

The lender in a mortgage transaction.

Mortgagor

The borrower in a mortgage loan transaction.

Nationwide Mortgage Licensing System – NMLS

The licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. NMLS is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their...

Negative Amortization

An amortization method in which the monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the principal balance of the loan.

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