Business Glossary-Term List

Specifies the method by which the creditor satisfied Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The annual percentage rate for the loan based on the accepted industry standard defined by Regulation Z (Section 12 C.F.R. 1026.18(e)) used for Qualified Mortgages and general disclosure purposes.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

1) The price at which a seller will sell particular securities. In the securities and commodities trade, the highest price offered for a security or commodity at a given time. Also called a quotation or quote. 2) Describes required home repairs or improvements and provides an estimation of cost to complete. AKA: Estimate to Complete Work, Repair Estimate, Alteration Improvement and Repairs.

Term Source: MBA Glossary, LDD Document

Term Type: Data, Document

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

Identifies the designation of land use by a governmental authority described by Land Used Description.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. This is primarily a component of other documents (i.e. security instruments, title policies, commitments), but is received separately on some occasions.

Term Source: LDD Document, MBA Glossary

Term Type: Data

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

The estimated closing date for loan at the time of application.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

When true, indicates the Borrower answered �yes� to the declaration question: �Have you directly or indirectly been obligated on any loan that resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?�

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

Specifies the method used to select the Loan Credit Score across all borrowers.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

A free-form text field used to collect additional information when Other is selected for the Loan Credit Score Selection Method Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

The one credit score value that represents the overall credit risk on the loan. This value is determined using credit score values for each qualifying borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

The date and time on which the agreement to lock a price and interest rate was made.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

A MISMO dataset that contains the loan data fields and delivery file format that lenders must provide regulators for the origination loan portfolio review portion of regulatory compliance examinations. In addition, the data standard to perform pre-closing, post-closing, secondary market, and regulatory compliance audits.

Term Source: MISMO (Non-LDD)

Term Type: Data

Focus Area: #Origination

The flood zone covering the building or mobile home.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The date of the transfer of ownership of real property as recognized in the jurisdiction in which it is located.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The date the sales contract was fully executed.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination