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A mortgage loan is a form of personal financing in which a piece of real property is used as collateral to secure the repayment of a loan. The financial obligation is evidenced by a mortgage note, which is the contract between the parties, and the mortgage itself, which is the encumbrance upon the property that is recorded in the public records. The owner of the property and the one who gives the interest in the property is the mortgagor and the lender who receives the interest in the property is the mortgagee. If a mortgage goes unpaid, the mortgagee is granted the right to foreclose, or close out the rights of the mortgagor.

Mortgages loans vary widely in terms of amount, repayment terms, interest rates, and other provisions. It is quite common in the United States to mortgage the purchase of almost any real property, as few individuals have sufficient savings to make such a large purchase on their own. Mortgage loans are also frequently used to access equity in a property, or the difference between the value of the land and the amount financed. These are often called second mortgages or home equity loans.

However, as part of the banking and finance industry, mortgage loans are heavily regulated by both state and federal law. Similarly, because the interest in the mortgage itself can be assigned or transferred, the secondary sale of these loans are treated as a secured transactions subject to oversight by the Securities and Exchange Commission (SEC).

This secondary sale of mortgage interests came to national attention during the economic downturn that occurred after 2005 when it was discovered that a number of large banks had been improperly transferring mortgage obligations. In many instances, auditing and disclosure requirements were ignored, securities registration requirements were not followed, and a practice of transferring mortgage interests (sometimes multiple times) without any corresponding paper trail (part of a practice later dubbed "robo-signing") made national news and led to the downfall of several banks and law firms.

If you have questions about mortgage laws or need legal assistance with your mortgage related issues, you can either review the materials below or locate an attorney in your area by visiting our Law Firms page.