Business Glossary-Term List
Welcome to the MISMO Business Glossary - your online source of mortgage industry business terms and data point descriptions. Follow the links provided for Term Type; Focus Area; and Source descriptions; complete terms of authorized usage; and a more detailed description of the MISMO Business Glossary. Search tip: Use quotes for an exact search (e.g., "keyword or phrase").
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Search on:Ability To Repay
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Electronic drafting system that debits an authorized bank account and electronically transfers funds scheduled for remittance.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Automated Valuation Model
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Credit Alert Interactive Voice Response System
Term Source: LDD Acronym
Term Type: Actor, Process
Focus Area: #LDD, #MISMOApprovedAcronym
Consolidation, Extension and Modification Agreement
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
File Transfer Protocol
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Graduated Payment Mortgage
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
A type of flexible payment mortgage where the payments increase for a specified period of time and then level off. Usually results in negative amortization.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
A graduated payment mortgage in which increases in a borrower's mortgage payments are used to accelerate reduction of principal on the mortgage. Due to increased payments, the borrower acquires equity more rapidly and retires the debt earlier.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Home Equity Conversion Mortgage
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Hypertext Transfer Protocol
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Hypertext Transfer Protocol Secure
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Income Verification Express Service
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Mortgage Insurance
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Multiple Listing Service
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Insurance which protects mortgage lenders against loss in the event of default by the borrower. This allows lenders to make loans with lower down payments. The federal government offers MI through HUD/FHA; private entities offer MI for conventional loans.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Property Assessed Clean Energy
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Federal law which regulates the settlement practices within the real estate industry. This law requires the provision of Good Faith Estimates of Closing Costs, prohibits kickbacks for referrals of related services and standardizes the closing with a required form and format (HUD-1). RESPA also regulates the administration of escrow accounts.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Real Estate Settlement Procedures Act
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
Remote Online Notarization
Term Source: LDD Acronym
Term Type: Process
Focus Area: #LDD, #MISMOApprovedAcronym
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