DEFINITION of 'Master Mortgage'
Documentation that is filed in the records for public land by mortgage originators as a matter of standard procedure. The master mortgage makes the lien-recording process less complicated and also aids in the sale of mortgages that trade in the secondary market.
BREAKING DOWN 'Master Mortgage'
Every originator of mortgages must file a master mortgage. The master mortgage was originally created by Fannie Mae and Freddie Mac in an attempt to streamline the record-keeping process. Master mortgages are required to be filed in the registrar's office prior to any placement of subsequent liens.