Mortgage [Banks & Banking] Law and Legal Definition
Pursuant to 12 USCS § 1451 (d) [Title 12. Banks and Banking; Chapter 11A. Federal Home Loan Mortgage Corporation], the term mortgage includes “such classes of liens as are commonly given or are legally effective to secure advances on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manufactured home is located, together with the credit instruments, if any, secured thereby, and includes interests in mortgages.”
Pursuant to12 USCS § 1707 (a) [Title 12. Banks and Banking; Chapter 13. National Housing; Mortgage Insurance], the term mortgage means “(A) a first mortgage on real estate in fee simple, (B) a first mortgage on a leasehold on real estate (i) under a lease for not less than ninety-nine years which is renewable or (ii) under a lease having a period of not less than ten years to run beyond the maturity date of the mortgage, or (C) a first mortgage given to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project; and the term "first mortgage" means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State, in which the real estate is located, together with the credit instruments, if any, secured thereby.”
