Mortgagee
A mortgagee is a person or company that lends out money to help others buy homes or property. The borrowing party is known as the mortgagor. More commonly known as a lender or creditor, the mortgagee officially holds the mortgage document as well as an interest in the property bought, until the loan is fully paid. Besides lending purchase money, mortgagees are also responsible for assessing loan applicants and approving applications. Mortgagees are usually banks, credit unions, and other financial institutions. Insurers can also serve as mortgagee, although they usually cater to specific industries.