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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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#LDD #MISMOApprovedAcronym Document
Good Faith Estimate (GFE)

1)A document which tells borrowers the approximate costs they will pay at or before settlement, based on common practice in the locality. Under requirements of the Real Estate Settlement Procedures Act (RESPA), the mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received. 2)Describes the approximate costs borrower will pay at or before settlement, based on common practice in the locality. The mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received. This document is a part of HUD Regulation X (RESPA/Reg X). AKA: Good Faith Estimate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #MISMOApprovedAcronym, #Origination

HELOC

Home Equity Line of Credit

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

HMDA

Home Mortgage Disclosure Act

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

LOMA

Letter Of Map Amendment

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

LOMR

Letter Of Map Revision

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

MBS

Mortgage Backed Security

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

QM

Qualified Mortgage

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

TIL

Truth In Lending

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

UCC

Uniform Commercial Code

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

URLA

Uniform Residential Loan Application

Term Source: LDD Acronym

Term Type: Document

Focus Area: #LDD, #MISMOApprovedAcronym

 

AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy.  For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].