Business Glossary-Term List

2004 End-User License � Applies to all MISMO Products (standards and collateral) issued prior to January 1, 2018. This license is automatically granted when an organization downloads any MISMO Product (MISMO standards or collateral) with an issue date through December 31, 2017.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 Distributor License - Applies to all MISMO Products issued on or after January 1, 2018. The Distributor License is appropriate for organizations that develop technology that incorporates MISMO Products and makes that technology available to customers or external partners

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 End-User License - Applies to all MISMO Products issued on or after January 1, 2018. The 2018 End-User License is appropriate for organizations that download MISMO Products or develop technology that incorporates MISMO Products released after December 31, 2017, where the MISMO Products are used for internal company use when the organization does not make the MISMO products available to customers or external partners.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Borrower acknowledgement that they will conform with the requirements laid out by HUD for a 203(k) Rehabilitation Loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

Certification that the borrower does not have an identity-of-interest with the seller of the property and does not have a conflict of interest with any other party to the transaction, including the realtor, lender, contractor, consultant, and/or the appraiser. In addition, certifying that the borrower is not obtaining any source of funds or acting as a 'strawbuyer' for another individual, partnership, company, or investment club.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

Certification letter completed by all consultants and plan reviewers who are required to sign the following certification after preparing/reviewing the work write-up and cost estimate. The signer certifies that all items requiring correction and that the rehabilitation proposal now meets all HUD requirements for 203(k) Rehabilitation Mortgage Insurance.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes the work that needs to be done to bring the house to FHA standards.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Breakdown of the costs, by line item, associated with the work to be conducted in the rehabilitation of the property.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector. Form HUD-9746-A

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the final bid amount for the project and the time frame for completion. A contract between the homeowner and the contractor.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Servicing

Determines Maximum amount for 203K Mortgage based on the loan amount; closing costs; sales price (if purchase) and work to be performed. Provided to the Lender.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

Establishes the terms and conditions of the 203K loan program works and describes the guidelines that will be followed in administering funds.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Servicing

Mortgages which generally meet the credit underwriting guidelines of Fannie Mae, Freddie Mac, FHA, VA or major jumbo purchasers. Those who have credit ratings or other qualification deficiencies would be rated as B, C or D credit.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

Refers to security classes (tranches) rated as investment grade for institutional investors; can also include the class rated BBB, as that is considered an investment grade for most regulated institutions; also called senior pieces.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

Establishes that the lender will not be responsible for replacing the abstract.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #Commercial, #LDD

Derived from a Judgment; contains only the details of a court action that relate to fulfilling the court order.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

A written history of ownership of a parcel of land, summarizing the material parts of any occurrence affecting title of said land.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

A common provision of a mortgage which allows the holder to demand the entire outstanding mortgage balance due and payable in the event of a breach of the mortgage contract.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

A document signed by a construction loan borrower stating that all work is complete and of acceptable quality.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary