MR Definition

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MR see MEMORANDUM FOR RECORD.

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OBLIGATION BOND is a bond signed by a mortgagor (borrower) for an amount greater than the loan amount. Such a bond creates a personal obligation on the part of the borrower and assures the lender of recourse in case of nonpayment of property taxes and insurance or past due interest on the mortgage.

INSURANCE BROKER is a specialized broker who secures insurance business and places it with recognized underwriters.

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