A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds as the legal document.Mortgagee
The lender in a mortgage agreement.

Mortgage insurance (MI)
Insurance that covers the lender against losses as a result of a default on a home loan. Mortgage insurance is usually required on loans having a loan-to-value higher than eighty percent. Also, FHA loans and many first-time homebuyer programs always require mortgage insurance.

The borrower in a mortgage agreement.