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Mortgagee

Definition - What does Mortgagee mean?

A mortgagee is the legal entity, whether it be a business or a person, that loans money to a borrower. The mortgagee is the lender. There are legal requirements that a mortgagee must meet before being able to loan money, such as registering with the Federal Deposit Insurance Corporation and having government applications and permits filled out.

There are also legal requirements that relate to the mortgagee's ability to lend money to a certain person or on any certain property or asset. The mortgagee must be satisfied that the borrower can reasonably afford to repay the debt in the agreed manner, and that the property or asset being financed was shown to be worth the loan amount.

Justipedia explains Mortgagee

Banks and finance companies are typical mortgagees. All would have the legal requirement of running credit checks on any applicant prior to lending money, and ensuring that there were clear ownership rights on the property being financed.

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