An individual or entity who grants a mortgage against its ownership interest in real property to secure a loan obligation. The borrower under a promissory note is typically the mortgagor. However, an individual or entity may pledge its real property as security to a mortgagee even if the individual or entity is not the borrower. This is typical in transactions where the lender requires additional collateral for the loan and the person or entity consents to mortgage its real property because it has a substantial relationship with the borrower or is an affiliate of the borrower.

For a sample form of mortgage, see Standard Document, Mortgage, Assignment of Leases and Rents, Security Agreement, Financing Statement, and Fixture Filing (Pro-Lender Short Form).