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The mortgagee is the lender, such as a bank, credit union or online lender. This is the entity providing the funds via a mortgage to buy a home. The mortgagee determines if the mortgagor qualifies ...
A mortgagee clause protects the lender even if the damage to the property was intentional and would otherwise void the insurance policy. If you’re like most homeowners, you’ll need a mortgage ...
The mortgagee outlines the loan terms and other clauses of the financing contract. Because the home is used as collateral for the loan, the mortgagee has the right to foreclose on the property. In ...
Acceleration is a clause that is usually found in Sections 16, 17, or 18 of a typical mortgage in the US. Not all accelerations are the same for each mortgage, as it depends on the terms and conditions between lender and obligated mortgagor(s). When a term in the mortgage has been broken, the acceleration clause goes into effect. It can declare ...
"Banks" and "Insurance" organizations' loan agreements and documentation standards evolved from their individual cultures and were governed by policies that somehow addressed each organizations liabilities (In the case of "banks", the liquidity needs of their depositors; in the case of insurance organizations, the liquidity needs associated ...
The key difference between mortgage insurance and home insurance is who it financially protects. ... You will want to make sure the correct mortgagee clause is listed on your homeowners insurance ...
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.
All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause. Certain mortgage types are irrefutably assumable, such as those insured by the FHA, guaranteed by the VA, or guaranteed by the USDA. As of 2014, FHA and VA assumable mortgages make up approximately 18%, or ...