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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Search on: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
An open-end loan, usually recorded as a second mortgage, that permits borrowers to obtain cash advances based on an approved line of credit.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Federal legislation which requires certain types of lenders to compile and disclose data on where their mortgage and home improvement loans are being made.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #DGMFitForPurpose, #MBAGlossary, #MISMOApprovedAcronym
Form which is accepted by all major mortgage sources for application of residential mortgages.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
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