What is the obligations of a mortgagee?

The obligations of a mortgagee, typically the lender in a mortgage agreement, include providing the borrower with clear information regarding the loan terms, including interest rates and payment schedules. They must also properly manage the loan account, ensuring accurate record-keeping and timely communication about payment due dates. Additionally, the mortgagee is responsible for complying with relevant laws and regulations, including those related to foreclosure processes should the borrower default. Lastly, they must act in good faith and with fair dealing throughout the loan's duration.