Final answer:
A mortgagor agreeing to waive certain rights and agrees to Executory Process is engaging in a 'Confession of Judgment', permitting the lender to facilitate a swifter foreclosure process in the event of a default.
Step-by-step explanation:
When a mortgagor waives benefit of appraisement, notice and delays, and agrees to Executory Process, this is known as a Confession of Judgment. Essentially, it is a legal arrangement where a mortgagor consents in advance to the lender's fast-tracked legal procedures for foreclosure. This means that in case of default, the lender can bypass the usual court proceedings, thereby reducing the time required to take action against the property. By waiving these rights, the mortgagor expedites the process for the mortgagee to recover the property or the outstanding debt following a default.