The mortgage and the note do different jobs. A mortgage pledges real property as security for an obligation. The note documents the promise to repay. Follow the direction: the borrower is the mortgagor, giving the mortgage. The lender is the mortgagee, receiving the security interest. Keep those roles separate from the repayment promise. Do not assume identical title consequences in every state. Lien-theory and title-theory systems differ, and some transactions use a deed of trust. For this concept, focus on the security function. Quick check: which document ordinarily contains the promise to repay, the mortgage or the note? The note. The mortgage is the security instrument.