Mortgage Note

A mortgage note is the legal IOU signed by the borrower at closing — it's the borrower's promise to repay the loan according to specified terms (interest rate, payment schedule, maturity date). The note is separate from the mortgage or deed of trust, which is the document that secures the note by creating a lien on the property.

If the loan is sold or transferred, it's the note that travels with the buyer. Investors who own mortgage-backed securities ultimately hold beneficial interest in the underlying notes.

Why it matters for Milo customers

When you close a Milo crypto-backed mortgage, you sign both a note (your promise to pay) and a mortgage/deed of trust (the lien on the property). Because Milo is a portfolio lender, your note typically stays with Milo for its life — no surprise servicer transfers, no chain of ownership.

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