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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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Algorithm

A step-by-step procedure used to solve a problem or accomplish a specific end. It is a sequence of instructions that are followed to perform a computation or solve a class of problems, often involving the repetition of operations.

Term Source: Artificial Intelligence Glossary

Term Type: Process

Focus Area: #ArtificialIntelligence

Application Programming Interface (API)

A set of rules or protocols that enables software applications to communicate with each other. APIs act as intermediaries, allowing different programs to exchange data, features, and functionality.

Term Source: Artificial Intelligence Glossary

Term Type: Other

Focus Area: #ArtificialIntelligence

Artificial Intelligence (AI)

The simulation of human intelligence processes by machines, especially computer systems.

Term Source: Artificial Intelligence Glossary

Term Type: Actor

Focus Area: #ArtificialIntelligence

Artificial Intelligence Alignment

The process of ensuring that an artificial intelligence system's goals, behaviors, and outputs are consistent with human values and intentions.

Term Source: Artificial Intelligence Glossary

Term Type: Regulation

Focus Area: #ArtificialIntelligence

Artificial Intelligence Analytics

The application of artificial intelligence techniques to analyze and interpret data, derive insights, and make predictions or recommendations. It involves using advanced technologies like machine learning and natural language processing to enhance decision making capabilities.

Term Source: Artificial Intelligence Glossary

Focus Area: #ArtificialIntelligence

Automated Machine Learning (AutoML)

A field of research and a suite of technologies that aim to automate the end-to-end process of applying machine learning to real-world problems.

Term Source: Artificial Intelligence Glossary

Term Type: Actor

Focus Area: #ArtificialIntelligence

Big Data

Large and complex data sets that traditional data-processing software typically cannot manage and analyze.

Term Source: Artificial Intelligence Glossary

Term Type: Data

Focus Area: #ArtificialIntelligence

Chatbot

An artificial intelligence application that conducts conversations with users through text or voice interactions.

Term Source: Artificial Intelligence Glossary

Term Type: Actor

Focus Area: #ArtificialIntelligence

Computer Vision

A field of artificial intelligence that uses machine learning and neural networks to teach computers and systems to derive meaningful information from digital images, videos, and other visual inputs. Computer Vision enables computers to "see," observe, and interpret much like human vision.

Term Source: Artificial Intelligence Glossary

Term Type: Actor

Focus Area: #ArtificialIntelligence

Data Bias

A systematic error that causes a deviation from the expected or true values in the data. It can lead to an inaccurate or unfair representation of reality and often stems from two main sources: 1)Data: Bias can arise from the way data is collected, processed, or used. For example, if a dataset is not representative of the population it�s meant to reflect, it can introduce bias into the analysis 2)Human Element: Bias can also come from the individuals who collect, analyze, or interpret the data. Personal beliefs, assumptions, or errors can inadvertently affect the outcomes of data-driven processes

Term Source: Artificial Intelligence Glossary

Term Type: Outcome

Focus Area: #ArtificialIntelligence

Data Mining

An analytical process that attempts to find correlations or patterns in large data sets for the purpose of data or knowledge discovery.

Term Source: Artificial Intelligence Glossary

Term Type: Process

Focus Area: #ArtificialIntelligence

Deep Fake

A type of synthetic media where a person's face or body is digitally altered to appear as someone else, typically used maliciously or to spread false information. The technology leverages tools and techniques from machine learning and artificial intelligence, including facial recognition algorithms and artificial neural networks.

Term Source: Artificial Intelligence Glossary

Term Type: Outcome

Focus Area: #ArtificialIntelligence

Expert System

An automated system that makes decisions based on parameters built into the system, rather than analysis of data.

Term Source: Artificial Intelligence Glossary

Term Type: Actor

Focus Area: #ArtificialIntelligence

Explainable Artificial Intelligence (XAI)

A set of processes and methods that allows human users to comprehend and trust the results and output created by machine learning algorithms.

Term Source: Artificial Intelligence Glossary

Term Type: Process

Focus Area: #ArtificialIntelligence

Foundational Model

A type of machine learning model that is trained on a broad set of general domain data for the purpose of using that model as an architecture on which to build multiple specialized artificial intelligence applications.

Term Source: Artificial Intelligence Glossary

Focus Area: #ArtificialIntelligence

Graphical Processing Unit (GPU)

A specialized electronic circuit that is designed to efficiently process large blocks of data simultaneously.

Term Source: Artificial Intelligence Glossary

Term Type: Other

Focus Area: #ArtificialIntelligence

Guardrails

Policies and frameworks designed to ensure that artificial intelligence models operate within ethical, legal, and technical boundaries.

Term Source: Artificial Intelligence Glossary

Term Type: Regulation

Focus Area: #ArtificialIntelligence

Hallucination

A response generated by artificial intelligence which contains false or misleading information presented as fact.

Term Source: Artificial Intelligence Glossary

Term Type: Outcome

Focus Area: #ArtificialIntelligence

Human In the Loop (HITL)

The need for human interaction, intervention, and judgment to control or change the outcome of a process. HITL is a practice that is being increasingly emphasized with the use of artificial intelligence.

Term Source: Artificial Intelligence Glossary

Term Type: Process

Focus Area: #ArtificialIntelligence

Inference

The ability of an artificial intelligence model to infer, or extrapolate, conclusions from data that is new to it.

Term Source: Artificial Intelligence Glossary

Term Type: Process

Focus Area: #ArtificialIntelligence

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