Dictionary

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Month to Month Tenancy

A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month.

Monthly Fixed Installment

That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction.

Monthly Payment Mortgage

A mortgage that requires payments to reduce the debt once a month.

Monument

A fixed natural or artificial object used to establish real estate boundries for a metes and bounds description.

Moral Hazard

A condition of morals or habits that increases the probability of a loss from a peril. Generally, a Moral Hazard is presented by a dishonest person.

Morale Hazard

Hazard created by an individual’s tendency to contribute to a loss through his or her own irresponsible actions or carelessness.

Morbidity

Table showing the incidence of sickness, used by Health insurance actuaries to develop rates and policy benefits. Similar to the Mortality Table used by Life insurance actuaries for the same purpose.

Mortality Table

A statistical table showing the number of deaths for all ages from 1 to 100. For example, if you are age 30, you could look at the table to find how many people your age will die this year, although the table cannot tell you which ones. Since the table tracks the life expectancies of 10 million people, it is very accurate. The 1980 CSO table is currently used by most companies, although companies (if large enough) are free to develop their own tables. Also known as the Law of Large Numbers.

Mortgage

A legal document that pledges a property to the lender as security for payment of a debt.

Mortgage Backed Securities

Securities that are secured by pools of mortgages and are used to channel funds from securities markets to housing markets, Fannie Mae, Freddie Mac and Ginne Mae have mortgage backed securities programs.