Mortgage terms starting with M

11 terms

  1. Metropolitan Division (MD) A metropolitan division is a subset of an MSA having a single core with a population of 2.5 million or more.
  2. Metropolitan Statistical Area (MSA) For purposes of HMDA, the term is interchangeable with "metropolitan area." The underlying concept of an MSA is that of a core area containing a large…
  3. Metropolitan Statistical Area (MSA) / Metropolitan Division (MD) An area that has at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic…
  4. Monthly Gross Income (MGI) the total income of all homeowners who sign a mortgage before any taxes or other deductions are made.
  5. Mortgage A debt instrument used in a real estate transaction where the property is the collateral for the loan.
  6. Mortgage Insurance (MI) insurance that protects lenders against losses caused by a rhomeowner's default on a mortgage loan.
  7. Mortgage life insurance Term life insurance paid by the borrower in which the amount of coverage decreases as the mortgage balance declines.
  8. Mortgage Modification a change in the terms of a loan, usually the interest rate and/or term, in response to the homeowner's inability to make the payments under the existing…
  9. Mortgage Payment the amount of money paid on a monthly basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees, if applicable.
  10. Mortgage Payment Guideline the calculation within HAMP that helps determine a homeowners eligibility. It is calculated as 31% of the homeowner’s current monthly gross income.
  11. Mortgage-Backed Securities (MBS) MBS are debt securities that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.