Term of the Day
Mortgage Company is a company that loans money for its customers to buy real property. A mortgage company is often just the originator of a mortgage, lends money to borrowers and seeks funding from financial institutions. Some mortgage companies provide turnkey services, containing the origination, funding and servicing of mortgages. Many mortgage companies went bankrupt during the crisis of 2007-2008, because they lacked the necessary assets to finance themselves during the crisis.