Category: M

In Scotch law. A term nearly synonymous with “mortmain.” Bell. Lands are said to be mortified for a charitable purpose.

A woman who has borne a child; a female parent; correlative to “son” or “daughter.” The term may also include a woman who is pregnant See Howard v. People, 1S5 111. 552, 57 N. E. 441; Latshaw v. State, 156 Ind. 194, 59 N. E. 471.

Lat. By reason of death; iu contemplation of death. Thus used in the phrase “Donatio mortis causa,” (q. v.) Mortis momentum est ultimum vita momentum. The last moment of life is the moment of death. Terrill v. Public Adm’r, 4 Bradf. Sur. (N. Y.) 245, 250.

A mortgage pipeline consists of locked-in loans by an originator or mortgages by its borrowers, brokers, or other mortgage lenders. The originator’s pipeline is also a hedge against any interest rates movements. Loans typically remain in the originator’s pipeline from the time it is locked until it falls out.

A risk a lender takes that a mortgagor may not lock in the interest rate for the grace period between drawing up the mortgage and the closing, hoping that the interest rate will fall before the closing. If it happens, the borrower gets a better deal, and the lender loses the higher gain. Also known as reverse price risk.

On the basis of mortgage type and the maturity period mortgage loans are grouped together.

He that takes or receives a mortgage.

Optional insurance coverage in case a home buyer becomes financially unable to continue making mortgage payments. The lender or borrower may purchase this to cover mortgage payments.

He that gives a mortgage.

Designed to boost housing, various lending agencies and governments issue this type of bond. Bond proceeds are used to get mortgages from lenders. The mortgage payments pay the mortgage interest and principal as well as the original bond.