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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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Execute Servicing Transfer

The process of transferring serviced loan(s) from one Servicer to another.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Refer to Foreclosure

The process in which the servicer begins the foreclosure activities.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Servicing Transfer

Broadly covers the transfers of servicing responsibilities, and in some cases the transfers of servicing rights, in total or in part, through a subservicing or a whole loan servicing arrangement. This transfer of servicing loan data and all historical loan information is transferred from the transferor servicer to the transferee servicer. Impacted parties are notified through items such as goodbye and welcome letters to borrowers. Each servicing transfer is commonly conducted as a one-time event. 'Servicing Transfer' may also be referred to as 'Transfer of Servicing.'

Term Source: MISMO (Non-LDD)

Term Type: Event

Focus Area: #MISMOLifeOfLoan, #Servicing

Transferee Servicer

A mortgage servicer that obtains the rights to service a loan under either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferee receives the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing

Transferor Servicer

A mortgage servicer that transfers the rights to service a loan to another servicer via either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferor releases the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing

 

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