MISMO Business Glossary

May 2021 Release

New terms and definitions:

  • Data Governance & Management CoP Fit-for-Purpose Framework glossary
  • Added Logical Data Dictionary (LDD) 59 acronyms and definitions
  • Added GSE and iLAD extensions
  • eMortgage Glossary and MBA Glossary terms received #MISMOApprovedAcronym
  • Business Reference Model Life of Loan (LoL) enhancements

Origination

    • Ability to Repay (ATR)
    • Automated Underwriting System (AUS)
    • Condition
    • Determine VA Eligibility o Document File Identifier
    • FHA Electronic Appraisal Delivery (FHA EAD)
    • Gather Prequalification Information o Handle Recissions
    • Obtain Taxpayer Consent
    • Order Contract Underwriting
    • Order Fraud Test
    • Perform Data Governance
    • Perform Data Governance and Management
    • Perform Data Management
    • Perform Electronic Notarization
    • Perform Electronic Vaulting Services
    • Perform Hybrid Closing
    • Perform Inhouse Underwriting
    • Perform Third Party Oversight
    • Perform Vaulting Services
    • Qualified Mortgage (QM)
    • Submission Summary Report (SSR)
    • Supporting Processes
    • Warehouse Bank

Servicing

    • Administer Loan 
    • Create RMBS Rating Dataset

New categories/hashtag(s)/source(s):

  • Sources
    • Data Governance & Management CoP (DGM)
    • GSE Extension
    • iLAD Extension
    • Retired Logical Data Dictionary (LDD)
  • Hashtags
    • #DGMFitForPurpose
    • #MISMO2.6_UAD
    • #MISMO3.0_ULDD
    • #MISMO3.3_UCD
    • #MISMO3.4_iLAD
    • #MISMO3.4_ULAD
    • #MISMOApprovedAcronym

Updated terms and/or definitions:

  • Business Reference Model Life of Loan (LoL) enhancements

Origination

    • Changed 3rd to Third: Order Third Party Service Details, Order Third Party Services, and Review Third Party Service Details
    • Changed Perform Mortgage Insurance (MI) Cycle Reporting Activities
    • Deleted SMART Document
    • Deleted Smart Document
    • Deleted Perform 3rd Party Risk Management
    • Deleted Perform Repurchase
    • Deleted Review Appraisal
    • Deleted Submit Corrections to Investor
    • Deleted Post Delivery
    • Definition updated: Perform Manual Underwriting
    • Key Additional Data in Doc Provider > Key Additional Data in Doc Provider System

Servicing

    • Deleted Perform RMBS Rating Agency Evaluation
    • Perform Loan Servicing Transfer Onboarding > Board Loan
    • Perform Payoff Administration > Administer Payoff
    • Perform Escrow Management > Manage Escrow
    • Perform Repurchase > Repurchase Loan
    • Perform Transfer of Servicing Rights > Transfer Servicing Rights
    • Perform Default Management > Manage Default
    • Perform Bankruptcy Activities > Monitor Bankruptcy Activities
  • MBA Glossary
    • Fannie Mae (FNM), Federal Reserve Board (FRB), Freddie Mac (FRE), Home Equity Line of Credit (HELOC) - terms and definitions
  • Removed Pascal case from LDD Document enumerations

Updated categories/hashtag(s)/source(s):

  • Sources
    • MISMO Logical Data Dictionary (LDD) definition change