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The mortgagee determines if the mortgagor qualifies for the loan. Once the loan is taken out, the mortgagor begins repaying the mortgagee. When you take out a mortgage, you might encounter ...
Like other types of loans, the mortgage terms are decided on the borrower's (mortgagor) credit and the lender's underwriting standards. Some of the factors lenders consider when determining the ...
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt.
A mortgage bank is a bank that specializes in originating and/or servicing mortgage loans. In the United States, a mortgage bank is a state-licensed banking entity that makes mortgage loans directly to consumers. The difference between a mortgage banker and a mortgage broker is that the mortgage banker funds loans with its own capital.
For example, the mortgagee is the lender, while the mortgagor is the … Continue reading → The post Mortgagor vs. Mortgagee: Key Differences appeared first on SmartAsset Blog.
The difference between a mortgage banker versus a loan officer might not be as obvious. All mortgage bankers are loan officers, but not all loan officers are mortgage bankers.
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