Manufactured Home
A unit of manufactured housing, including all accessories thereto, securing the indebtedness of the Mortgagor under the related Mortgage Note evidencing a Manufactured Home Loan.     [TOP]

Manufactured Home Loan
A loan that is secured by a mortgage or deed of trust on real estate on which the related Manufactured Home is considered or classified as part of the real estate under the laws of the jurisdiction in which it is located.

Margin
The amount a lender adds to the quoted index rate for an adjustable rate loan to determine the new interest rate.

Mechanic's Lien
A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land. The lien attaches to the land as well as the improvements.

Methods of Delivery (Lines of Business)
Different methods Correspondent may use to deliver purchasable loans to Cypress Mortgage, which include the standard loan by loan or negotiated transactions such as AOT, Co-Issue/Quarterly transfer, mandatory delivery, six month forward stand-by commitments and Bulk delivery.

Minimum Credit
This refers to the minimum credit rating a borrower must have in order to qualify for the listed loan.     [TOP]

Modular Home (also referred to as manufactured home)
A unit of manufactured housing, including all accessions thereto, securing the indebtedness of the mortgagor under the related note evidencing a manufactured home.

Monthly Housing Expense
Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability.

Mortgage
: A legal document that provides security for repayment of a promissory note.

Mortgagee
The lender.

Mortgagee's Title Policy
: Required by lender to ensure that lender has a valid lien. It does not protect the buyer. Also required for second mortgages.     [TOP]

Mortgage Instrument
Any deed of trust, security deed, mortgage or any other instrument that constitutes a first-lien on the improved mortgaged property securing payment by a mortgagor of a mortgage note.

Mortgage Insurance
(Government or Private) Insures a home loan lender against loss caused by a borrower's default. This insurance may cover a percentage of or virtually the whole loan amount depending on the type of mortgage insurance that's obtained.

Mortgage Loan Documents
The Mortgage, Mortgage Note, Assignments of Mortgage, any guarantees, if applicable, together with any and all other documents, instruments and materials issued, executed and/or delivered in connection with the loan.

Mortgage Loan File
The contents of the file delivered to Cypress Mortgage by Correspondent for each mortgage loan sold (or to be sold by Correspondent to Cypress Mortgage.) The Mortgage Loan File will contain the documents required by the Manual and any additional documents required to be added to the Mortgage Loan File pursuant to any other Contract Document, an Applicable Requirement, or upon Cypress Mortgage's reasonable request, any alternative document.

Mortgage Note
The note, deed of trust note, security deed note or other form of promissory note showing evidence of indebtedness of a Mortgagor under a mortgage loan, and executed by the Mortgagor and secured by a Security Instrument.    [TOP]

Mortgaged Property
Any real property that is encumbered by a Security Instrument, including all applicable Improvements, additions, alterations and replacements to such Improvements. The property may consist of a 1- to 4-family residence and, to the extent the context will permit or require, a Manufactured Home or a home in a residential cooperative housing corporation.

Mortgagor
The borrower.