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:Written authorization from a local municipal authority for the construction of a new building, or for extensive repairs or improvements on an existing structure.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination
A report including a balance sheet and an income statement that describes the financial performance of a business entity or individual.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #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
1) A general term for any kind of paper or document signed by a borrower that is an acknowledgment of the debt and is, by inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee. 2) Establishes a legal obligation of the borrower to repay the debt. AKA: Promissory Note, Mortgage Note, Loan Agreement.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
A legal document authorizing one person to act on behalf of another.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
A written agreement between a buyer and seller of real property, setting forth the price and terms of sale.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
A contract by which the insurer agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee or otherwise.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
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