Loan programs
Blanket mortgage
One mortgage secured by more than one parcel of property
Subdividers use it: a single loan covers every lot in a tract. A partial release clause lets individual lots come out from under the lien as they are sold and paid for, which is what makes the lots saleable at all.
How the exam asks about it
The release clause is the examinable feature. Without it the developer cannot deliver clear title on a single lot.
Quick check: Blanket mortgage
One question. Pick an answer to see the explanation.
Which term is being defined: “One mortgage secured by more than one parcel of property”?
Related terms
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