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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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Transferee Servicer

A mortgage servicer that obtains the rights to service a loan under either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferee receives the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing

Transferor Servicer

A mortgage servicer that transfers the rights to service a loan to another servicer via either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferor releases the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing

Warehouse Bank

An organization that provides a line of credit (Warehouse Line) to the Lender to fund the loan closing. Funds are repaid when the loan is sold or transferred to a permanent investor. Note: While the loan is in Warehouse, the Warehouse Bank may also act as the Document Custodian.

Term Source: MISMO Life of Loan

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Origination

 

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