Home / Standards & Resources / Business Glossary / Business Glossary-Term List

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"). 

Return to full Term List                                                                                           Download Business Glossary
                                                                                                                                                   (MISMO Members)

Refine Results
Search on:





Filter By Focus Area
MBA Glossary Actor #MISMOApprovedAcronym
American Land Title Association (ALTA)

A national association of title insurance companies, abstractors and attorneys specializing in real property laws. The association speaks for the title insurance and abstracting industry and establishes standard procedures and title policy forms.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Consumer Finance Protection Bureau (CFPB)

Consumer Finance Protection Bureau (CFPB)

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Department Of Housing And Urban Development (HUD)

A governmental entity responsible for the implementation and administration of housing and urban development programs. HUD was established by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Department Of Veterans Affairs (VA)

A cabinet-level agency of the federal government. The Servicemen�s Readjustment Act of 1944 authorized the agency to administer a variety of benefit programs designed to facilitate the adjustment of returning veterans to civilian life. Among the benefit programs is the VA Home Loan Guaranty program, which encourages mortgage lenders to offer long-term, low down payment financing to eligible veterans by partially guaranteeing the lender against loss upon foreclosure.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Fannie Mae (FNM)

The nation�s largest mortgage investor, created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential property with mortgage purchase and securitization programs. aka Federal National Mortgage Association (FNMA).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal Deposit Insurance Corporation (FDIC)

Originally established by the Banking Act of 1933 to protect depositors from loss. As a result of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the FDIC administers the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal Emergency Management Agency (FEMA)

Federal agency which, among other things, directs the activities of the Federal Insurance Administration and establishes flood insurance rates and terms of coverage, issues policies, processes claims and identifies and maps flood-prone areas.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal Housing Administration (FHA)

A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal Housing Finance Board (FHFB)

Independent five-member federal agency regulating the credit activities of the 11 Federal Home Loan Banks.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal Reserve Board (FRB)

See Board of Governors of the Federal Reserve System. Commonly referred to as the Fed.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Freddie Mac (FRE)

Created by Congress in Title III of the Emergency Home Finance Act of 1970 (12 USC 1451 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential and multifamily properties with mortgage purchase and securitization programs. aka Federal Home Loan Mortgage Corporation (FHLMC).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Ginnie Mae (GNMA)

Created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.), this federal government corporation is a constituent part of the Department of Housing and Urban Development. Among other governmental functions, it guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Also called Government National Mortgage Association (GNMA).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Government Sponsored Enterprise (GSE)

Private organizations with government charters and backing. Examples are Freddie Mac and Fannie Mae.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Mortgage Industry Standards Maintance Organization (MISMO)

Mortgage Industry Standards Maintenance Organization. Established by the Mortgage Bankers Association to coordinate the development and maintenance of e-commerce specifications for the exchange of real estate finance transactions.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Multiple Listing Service (MLS)

A service provided by the Board of Realtors, which renders access to real estate listings of properties for sale or lease.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

National Association Of Insurance Commissioners (NAIC)

An organization whose membership consists of state insurance regulators. NAIC�s objectives are to promote uniformity in regulation by drafting model laws and regulations for adoption by the states and to provide support services to insurance departments such as examinations and statistical information.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Office Of Thrift Supervision (OTS)

The successor thrift regulator to the Federal Home Loan Bank Board and a division within the Treasury Department. The OTS was responsible for the examination and regulation of federally chartered and state chartered savings associations. The OTS ceased to exist in October 2011.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Planned Unit Development (PUD)

A comprehensive development plan for a large land area. A PUD usually includes residences, roads, schools, recreational facilities, commercial, office and industrial areas. Also, a subdivision having lots or areas owned in common and reserved for the use of some or all of the owners of the separately owned lots.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

 

AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy.  For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].