Etymology
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mortgagee (n.)

"one to whom property is mortgaged, one who lends money on mortgage," 1580s, from mortgage (v.) + -ee.

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Definitions of mortgagee

mortgagee (n.)
the person who accepts a mortgage;
the bank became our mortgagee when it accepted our mortgage on our new home
Synonyms: mortgage holder
From wordnet.princeton.edu