Mortgage Insurance ALL0-9ABCDEFGHIJKLMNOPQRSTUVWXYZ A contract that insures the lender against loss caused by a mortgagor’s default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency. Related Articles: Refinancing 101Disclosures & LicensesGlossary: Private Mortgage Insurance10 Homebuying Terms Everyone Should KnowHow Do Down Payment & Closing Cost Assistance Programs Work?