An Unregistered Mortgage is a mortgage entered into by a borrower and lender where the mortgage is not registered on the Torrens Title. An Unregistered Mortgage (also known as a Equitable Mortgage) will often have its priority notified to the world through the lodging of a Caveat on the Torrens Title. From this they are sometimes called Caveat Mortgages however even though the caveat is registered on the Torrens Title that does not make it a Registered Mortgage.