A structure, built on a permanent chassis, transported to a site in one or more sections, and affixed to a permanent foundation. The term does not include recreational vehicles.
Maturity:
The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Media:
Any organization in the business of informing the public with news or commentary. The various forms of media include print, television, internet, and radio.
Minimum Balance:
The amount of money required to be on deposit in an account to qualify the depositor for special services or to waive a service charge.
Minimum Payment:
The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.
Missing Payment:
A payment that has been made but not credited to the appropriate account.
Mobile home:
To be eligible for coverage under the National Flood Insurance Program, a mobile home must be on a permanent foundation and meet specific anchoring requirements for it location. See manufactured (mobile) home.
Money Market Deposit Account:
A savings account that offers a higher rate of interest in exchange for larger than normal deposits. Insured by the FDIC, these accounts have limits on the number of transactions allowed and may require higher balances to receive the higher rate of interest.
Money Market Fund:
An open-ended mutual fund that invests in short-term debts and monetary instruments such as Treasury bills and pays money market rates of interest. Money market funds usually offer checkwriting privileges. They are not insured by the FDIC.
Mortgage:
A debt instrument used in a real estate transaction where the property is the collateral for the loan. A mortgage gives the lender a right to take possession of the property if the borrower fails to pay off the loan.
Mortgage Loan:
A loan made by a lender to a borrower for the financing of real property.
Mortgagee:
The lender in a mortgage loan relationship.
Mortgagor:
The borrower in a mortgage loan relationship. (Property is used as collateral to make payment.)
Mutual Fund:
A fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, commodities, or money market securities. These funds offer investors the advantages of diversification and professional management. To participate, the investor may pay fees and expenses. (Mutual funds are not covered by FDIC insurance.)
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