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:The cyclical process of receiving principal, interest, taxes and insurance (PITI) payments from borrowers, applying the funds to a loan's financial record and ensuring that these payments are properly reported and disbursed to Investors, Insurers, Tax Agencies and others as appropriate.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of calculating and applying loan payoff proceeds and clearing the loan from the servicer's portfolio.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of determining rules and assessing fees for early payoff of a loan based on the terms of the mortgage note.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of managing and marketing properties obtained through default on behalf of the investor or guarantor. Often an insurer will market a foreclosed property on their own behalf.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of applying the funds towards payoff of a loan.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of analyzing credit scores to determine risk within the portfolio.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of establishing a loan on a servicing system, either through new loan origination and set-up or via a servicing transfer.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of collecting loan-level data required for HMDA reporting, typically from multiple systems, depending on the Lender's or Servicer's business model.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
The process of removing a loan from the records of a investor - sometimes a loan is reclassified from a pool or security ahead of foreclosure and being fully removed from the Investor's books. Some portion of interim Investor accounting changes may have occurred earlier in the default management process based on the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of sending billing statements, payment schedules or payment coupons.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of creating the RMBS Rating dataset to deliver to a third party for validation and subsequent delivery to Rating Agencies.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of deriving the data needed for the HMDA Loan Application Register (LAR).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
The process of determining the loan's lien position regarding the property. This may be performed multiple times within the Default Management process.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of converting a non-escrowed loan into an escrowed account due to non-payment of taxes or insurance or non-compliance with the note.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Establish a plan to cure a short term delinquency by temporarily increasing the amount or frequency of the payment without changing the terms of the loan.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of seeking reimbursement from the investor for allowable expenses based upon the pooling and servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of seeking reimbursement from the mortgage insurer for covered losses based upon the mortgage insurance policy.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of creating, maintaining documentation evidencing the servicer's response to a qualified written request (QWR) from a consumer. The QWR is a request for action or information as outlined in the National Servicing Rules and supplemental guidance from the CFPB or other regulator(s). Per the National Servicing Rules, a servicer must be able to communicate their compliance actions to regulators, transferees or interested third parties when requested.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of extending and recovering advances for Property Taxes, Hazard Insurance, HOA dues, Leasehold payments and Property Preservation expenses. Some of these processes are part of the Escrow Management function however they may also be a part of default management.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of managing all activities related to non-performing loans. These activities maybe driven by the borrower willingness to participate, loan documents, investor regulations, servicer requirements and state and federal regulations.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
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