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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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MBA Glossary Process
Abandonment

The intentional relinquishment of claim or title to personal or real property.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Abatement (Rental)

A reduction or elimination of rent payments for a specified period of time, usually granted by the landlord as an inducement to the tenant to enter into or to renew a lease.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Abatement (Tax)

A reduction in real property tax granted by a taxing authority as the result of an appeal. In some jurisdictions, tax abatements may also be granted as an inducement for development or to attract or retain job-providing industries.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Absorption

The level of property units rented or sold after which price concessions must be made for market demand to continue at current levels. Used to determine the feasibility of new residential or commercial construction.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Abstraction

Method for computing depreciation by comparing the replacement cost of the improvements to the sales price less land value.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Accelerated Cost Recovery System (ACRS)

Part of the Economic Recovery Act of 1981, an accounting method which allows for a shorter depreciation period for real property over traditional depreciation methods.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Acceptance

An offeree�s consent to enter into a contract and be bound by the terms of the offer.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Accession

Title to property is gained through its addition to the owner�s existing real estate and can apply to both land and improvements.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Accrual Basis Of Accounting

An accounting method under which income and expenses are charged to the periods for which they are applicable, rather than when payment is made or received. In contrast, cash accounting is the method calling for income and expenses to be based on payment being made or received.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Action To Quiet Title

A court action to remove any interest or claim in or title to real property; to remove a cloud on title.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Adaptive Re-Use

The rehabilitation of old property for a new purpose.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Adverse Action

Steps taken by a lender to collect past due mortgage payments. Sometimes these steps lead to foreclosure.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Adverse Possession

The right by which someone occupying a piece of land acquires title against the real owner, if the occupant�s possession has been actual, continuous, hostile, visible and distinct for a statutory period.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Aggregate Analysis

An accounting method a servicer uses in conducting an escrow account analysis by computing the sufficiency of escrow account funds by analyzing the account as a whole.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Alienation

The transfer of title to real property from one owner to another.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Allocation Method

A method of site valuation in which the appraiser deducts the estimated value of the building from the total sales price of an improved property to arrive at the estimated land value.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Allocation Of Realized Losses

A CMBS provision that defines how realized losses will be allocated to certificate holders.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Alternative Documentation

Use of bank statements, W-2�s and pay stubs to document an applicant�s income and assets instead of verification forms mailed by the lender.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Amortization

Repayment of a mortgage debt with periodic payments of both principal and interest, calculated to retire the obligation at the end of a fixed period of time.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Annual Housing Survey (AHS)

A yearly HUD/Census Bureau study of housing units and trends in the movement of owners and renters.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

 

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