Business Glossary-Term List

Electronic Signatures in Global and National Commerce Act. On June 30, 2000, Congress enacted this Act to facilitate the use of electronic records and signatures in interstate commerce and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically. Federal legislation (effective in 2000) designed to provide national legislation to cover states that have not adopted a version of UETA (promulgated by Uniform Law Commissioners in 1999). UETA and ESIGN provisions are substantially the same, except that eNotes as defined in ESIGN must be secured by real property. Together we refer to them as eSignature Laws. This term is also defined in the MERS eRegistry Procedures Manual available at memvers.mersinc.org

Term Source: MISMO eMortgage Glossary

Term Type: Other

Focus Area: #eMortgageGlossary

2004 End-User License � Applies to all MISMO Products (standards and collateral) issued prior to January 1, 2018. This license is automatically granted when an organization downloads any MISMO Product (MISMO standards or collateral) with an issue date through December 31, 2017.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 Distributor License � Applies to all MISMO Products issued on or after January 1, 2018. The Distributor License is appropriate for organizations that develop technology that incorporates MISMO Products and makes that technology available to customers or external partners

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 End-User License � Applies to all MISMO Products issued on or after January 1, 2018. The 2018 End-User License is appropriate for organizations that download MISMO Products or develop technology that incorporates MISMO Products released after December 31, 2017, where the MISMO Products are used for internal company use when the organization does not make the MISMO products available to customers or external partners.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Borrower acknowledgement that they will conform with the requirements laid out by HUD for a 203(k) Rehabilitation Loan. AKA Form HUD-92700-A.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Certification that the borrower does not have an identity-of-interest with the seller of the property and does not have a conflict of interest with any other party to the transaction, including the realtor, lender, contractor, consultant, and/or the appraiser. In addition, certifying that the borrower is not obtaining any source of funds or acting as a 'straw buyer' for another individual, partnership, company, or investment club.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Certification letter completed by all consultants and plan reviewers who are required to sign the following certification after preparing/reviewing the work write-up and cost estimate. The signer certifies that all items requiring correction and that the rehabilitation proposal now meets all HUD requirements for 203(k) Rehabilitation Mortgage Insurance.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes the work that needs to be done to bring the house to FHA standards. AKA: 203K Specification of Repairs.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Breakdown of the costs, by line item, associated with the work to be conducted in the rehabilitation of the property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector. AKA Form HUD-9746-A

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the final bid amount for the project and the time frame for completion. A contract between the homeowner and the contractor. AKA: 203K Contractor Acknowledgement.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Determines Maximum amount for 203K Mortgage based on the loan amount; closing costs; sales price (if purchase) and work to be performed. Provided to the Lender. AKA: MMW.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Establishes the terms and conditions of the 203K loan program works and describes the guidelines that will be followed in administering funds.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Mortgages which generally meet the credit underwriting guidelines of Fannie Mae, Freddie Mac, FHA, VA or major jumbo purchasers. Those who have credit ratings or other qualification deficiencies would be rated as B, C or D credit.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Refers to security classes (tranches) rated as investment grade for institutional investors; can also include the class rated BBB, as that is considered an investment grade for most regulated institutions; also called senior pieces.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A prime tenant who has the highest credit rating.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

American Bankers Association

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

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

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

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