Business Glossary-Term List

Public Key Infrastructure term. A process that uses two different but mathematically related keys; one for creating a digital signature or decrypting data, and another key for verifying a Digital Signature or encrypting data. For either key of the Key Pair, it should be computationally infeasible to calculate the complementary key of that pair.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A process of linking an Electronic Signature to the individual or legal entity previously authenticated.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

Chronological and detailed list of critical events and actions.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A process of confirming an identity of an individual or legal entity, either in connection with the creation of a relationship or in connection with the individual�s or the legal entity�s participation in a transaction.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A mortgage loan where the process of gathering borrower qualifying information is performed in an automated and streamlined fashion such as through a borrower portal. Some of the loan documents, such as the loan application, may be created, accessed, presented, executed, transferred and stored electronically. A digital mortgage may or may not result in an eClosing.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A process or a system for producing fully populated paper or electronic documents. This may be accomplished in house, or through a third party service, or some combination.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure environment(s) where one or more required closing documents are accessed, presented, and signed electronically.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

The secure transfer of data and/or documents created electronically from one entity to another. There is also a product and service from MERSCORP Holdings named eDelivery see MERS� eDelivery.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

An action by a person to electronically apply an electronic sound, a symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. Electronic signatures in MISMO� SMART Docs� may be a typed name (a Text Signature), a digitized image, such as a "picture" of a written signature created by a signing pad or by other means (an Image Signature), or a Digital Signature. A SMART Doc� that contains a scanned or digitized version of an executed paper document has a "Wet" (handwritten) signature type.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

The process of creating the initial record in the MERS� eRegistry for identifying the Controller, Location, and other key information of the eNote. This term is also defined in the MERS� eRegistry Procedures Manual as �eNote Registration Record� and is available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A file, database, digital signature process, or other electronic method for tracking information concerning use, access to, and Alteration (such as a loan modification) of Electronic Records and which includes identifying and tracking the transfer of ownership of Transferable Records. See MERS� eRegistry and Transferable Record

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

Federal Information Processing Standard (140-2), which specifies the security requirements that will be satisfied by a cryptographic module, providing four increasing, qualitative levels intended to cover a wide range of potential applications and environments.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

Used as a verb, hashing is the process to calculate a "digital fingerprint" of an electronic document with a mathematical algorithm. The digital fingerprint is unique and entirely based upon the specific content of the electronic document, including any signatures. Any change to the electronic document -- even something as small as the insertion or deletion of a single character -- will create two distinct and unlike digital fingerprints. Comparing the fingerprint and the recalculation of the digital fingerprint at a later date provide evidence of tampering.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

A signing process for documents in the mortgage industry in which certain documents are printed and signed on paper while other documents are signed electronically.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

An identity proofing method that relies on something you know - the verification of information that is unique to the Principal, should be known by the Principal, and can be readily demonstrated by the Principal. Some common forms of this type of identity proofing include Knowledge- Based Authentication (KBA), passwords, or personal identification numbers. See also definition of Knowledge-Based Authentication

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

An identity proofing method that relies on the verification of something you are - the Principal�s unique personal traits. Some common forms of this type of identity proofing include comparisons of fingerprints, iris, voice, or face to a reference scan.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

An identity proofing method that relies on something you have - the verification of the Principal�s possession of unique information or credentials. Some common forms of this type of identity proofing include Digital Certificates, physical or digital government-issued identification cards, one-time passwords, or a response to a message delivered to a mobile device.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

A notarial act in which documents are notarized in electronic form in the physical presence of the notary.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

An identity verification method based on knowledge of private information associated with the claimed identity of the person.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

A secure method for distributing eMortgage packages from one MERS� eRegistry Member to another, using the existing MERS� eRegistry infrastructure and transaction security requirements. This term is defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage