| Participants of Mortgages
Lender/mortgagee - Lenders lend money, hence the name. They are the ones who approve, fund, and colse the loans. Many lenders also originate loans themselves. The lender category includes commercial banks, mortgage bankers, savings and loan associations, credit unions and investors.
Lender fund loans from brokers and resell them on the secondary market. They can also service the loan (collect the payments) or elect to keep the loan themselves and collect the interest [14, 10].
Borrower/mortgagor - A mortgagor is the borrower in a mortgage, he owes the commitment verified by the mortgage. For the most part, the borrower must meet situation of the underlying credit or other commitment, so as to recover the mortgage. If the borrower fails to meet these situation, the mortgagee may foreclose to recover the outstanding credit. Normally the borrowers will be the individual mortgage holders, proprietors, or organizations who are buying their property by way of a credit.
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