Glossary |
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| There are 10 entries in the glossary. |
| Pages: 1 |
| M&M Contractor | Management and Marketing (M&M) Contractors market and manage single-family properties owned by, or in the custody of the U.S. Department of Housing & Urban Development. |
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| Master Keying | A lock system in which locks are designed to be opened by their individual keys and by a special \"master\" key that will also open some or all other locks in the system. Master key systems are commonly found in commercial, industrial, educational and government facilities as well as in local property management. Master keying is used because it allows those who must have access to many locks (landlords, maintenance workers, managers, etc.) to carry only a few keys. |
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| Maximum Allowable Securing Fee | An overall cap for the various costs required to secure a property by securing windows and doors to prevent against unauthorized entry and to protect against weather damage. The term \"One-Time Securing Fee\" is the phrase previously used in HUD documents. |
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| Merchant Site Inspection | A visual analysis of a business usually requested by credit card processing companies. This inspection assists in determining the legitimacy of the business and helps to prevent fraud. Photos of the business signs, one interior and one exterior photos are usually requested. |
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| Minimum Securing to Specification | Perform all necessary
property preservation according to the applicable regulatory guidelines for the
loan type or client profile. For loan types with no applicable regulatory guidelines,
the HUD guidelines and fee schedule are to be followed.
Services typically include
changing entry lock or keyway, locking all windows and doors, winterizing to the
applicable specification and maintaining the grounds when in season. |
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| Mortgage Notary Signing Agent | A Mortgage Notary Signing Agent is a commissioned Notary Public who specializes in the process of obtaining and notarizing the signatures of the party(ies) involved on real estate loan documents for the purpose of closing a real estate loan transaction. |
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| Mortgage Servicing | The activity of keeping a mortgage loan current, including collecting monthly mortgage payments, forwarding principal and interest payments to the current mortgage holder (if the loan has been sold), maintaining escrow accounts, paying taxes and insurance premiums, and taking steps to collect overdue payments. Mortgage servicing may be performed by the original lender, or the lender may sell the right to service a mortgage to another company, which performs the service for a fee. Some companies, including some savings associations, specialize in servicing mortgages, both their own and those made by other lenders. The original lender may sell the mortgage servicing rights to one company and sell the mortgage itself to another company. See mortgage servicing rights. |
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| Mortgage Servicing Rights | An asset consisting of the right to service mortgage loans for others, however those servicing rights are acquired.
A mortgage banking enterprise may acquire mortgage servicing rights through either the purchase or origination of mortgage loans or purchase of servicing rights to the loans of other banking enterprises. |
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| Mortgagee | The lender in a property mortgage transaction who holds the lien on a property as security for debt. |
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| Mortgagor | The borrower in a property mortgage transaction who pledges the property as a security for a debt. |
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Glossary V2.0 |
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