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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An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure environment(s) where one or more required closing documents are accessed, presented, and signed electronically.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
The secure transfer of data and/or documents created electronically from one entity to another. There is also a product and service from MERSCORP Holdings named eDelivery see MERS eDelivery.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
An action by a person to electronically apply an electronic sound, a symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. Electronic signatures in MISMO SMART Docs may be a typed name (a Text Signature), a digitized image, such as a "picture" of a written signature created by a signing pad or by other means (an Image Signature), or a Digital Signature. A SMART Doc that contains a scanned or digitized version of an executed paper document has a "Wet" (handwritten) signature type.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
Used as a verb, hashing is the process to calculate a "digital fingerprint" of an electronic document with a mathematical algorithm. The digital fingerprint is unique and entirely based upon the specific content of the electronic document, including any signatures. Any change to the electronic document -- even something as small as the insertion or deletion of a single character -- will create two distinct and unlike digital fingerprints. Comparing the fingerprint and the recalculation of the digital fingerprint at a later date provide evidence of tampering.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
Public Key Infrastructure term. A method requiring two unique software keys for decrypting data, one public and one private. Data is encrypted using the published Public Key, and the unpublished Private Key is used to decrypt the data.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
A cryptographic framework that provides the basis for establishing and maintaining a trustworthy networking environment through the generation and distribution of keys and Digital Certificates. This term is also defined in the MERS eRegistry Procedures Manual available at members.mersinc.org.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
The industry-standard method for protecting web communications developed by Netscape Communications Corporation. The SSL security protocol provides data encryption, server authentication, message integrity, and optional client authentication for a TCP-IP connection. This term is also defined in the MERS eRegistry Procedures Manual available at members.mersinc.org.
Term Source: MISMO eMortgage
Term Type: Process
Focus Area: #eMortgage, #MBAGlossary
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].