A mortgage key, also known as a mortgage key number or property identification number, is a unique identifier assigned to a specific piece of real estate by a lending institution or government agency. This number is used to track and identify the property throughout the mortgage process and can be used for a variety of purposes, such as for property tax assessments, title searches, and loan servicing.
The process of obtaining a mortgage key number typically begins when a borrower applies for a mortgage loan. The lender will use the information provided by the borrower, such as the property address and legal description, to request a mortgage key number from the appropriate government agency. This agency, which may be a state or local government entity, will then assign a unique number to the property and provide it to the lender.
Once a mortgage key number has been assigned, it can be used for a variety of purposes. For example, it can be used to track the property throughout the mortgage process, including for loan servicing and property tax assessments. It can also be used for title searches, which are used to ensure that the property is free and clear of any liens or other encumbrances. Additionally, it is used for property valuations and appraisal purposes.
It is important to note that a mortgage key number is different from a property’s legal description or parcel number. A legal description is a detailed description of the property’s boundaries and location, while a parcel number is a unique identifier assigned by a local government agency for property tax purposes.
Mortgage key numbers are essential in the mortgage industry, and it is important that they are accurate and up-to-date. Borrowers should ensure to provide their lender with the correct information when applying for a mortgage. They should also double-check the mortgage key number assigned to their property before closing on their loan.
In conclusion, a mortgage key, also known as a mortgage key number or property identification number, is a unique identifier assigned to a specific piece of real estate by a lending institution or government agency. It is used to track and identify the property throughout the mortgage process and can be used for a variety of purposes, such as for property tax assessments, title searches, and loan servicing. It is different from a property’s legal description or parcel number and is an important aspect of the mortgage industry.
