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The mortgage and the note do different jobs.

2
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A mortgage pledges real property as security for an obligation.

3
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The note documents the promise to repay.

4
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Follow the direction:

5
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the borrower is the mortgagor, giving the mortgage.

6
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The lender is the mortgagee, receiving the security interest.

7
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Keep those roles separate from the repayment promise.

8
00:00:21,769 --> 00:00:25,310
Do not assume identical title consequences in every state.

9
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Lien-theory and title-theory systems differ, and some transactions use a

10
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deed of trust.

11
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For this concept, focus on the security function.

12
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Quick check:

13
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which document ordinarily contains the promise to repay, the mortgage

14
00:00:39,625 --> 00:00:40,449
or the note?

15
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The note.

16
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The mortgage is the security instrument.