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:Ability to Repay (ATR) requires that a lender make a reasonable, good-faith determination before or when consummating a mortgage loan that the consumer has a reasonable ability to repay the loan, considering such factors as the consumer's income or assets and employment status
Term Source: MISMO Life of Loan
Term Type: Other
Focus Area: #MISMOLifeOfLoan, #Origination
When a mortgage is sold for more than its face value because it has an above market interest rate. For example, a $100,000 mortgage may be sold for 101.00, or $101,000.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The part of a Web page that is visible once the page has loaded, normally the top part. This term is pertinent to the electronic mortgage world as E-sign requires the presentation of documents to be compliant with state statutes that govern font, pagination, format etc.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
Ownership of property (usually income producing) by a non-occupant who employs others to manage and maintain the property.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An option available to Freddie Mac sellers and servicers which allows the lender to decrease the guarantee fee due Freddie Mac in return for shortening the monthly remittance delay by paying principal and interest payments early.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An unplanned, unexpected and undesigned event which occurs suddenly at a definite place. Also see OCCURRENCE.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A build up of land by natural forces, such as wind, waves or the flow of water.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An event which causes damage by nature such as a flood, earthquake or winds; an occurrence which was not caused by man.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
Remittance to investors which requires the servicer to give the investor actual interest (net of servicing fees) and actual principal collected from borrowers.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
Compliance with the provisions of the Americans with Disabilities Act which establishes minimum requirements for facilities with public access to accommodate physically handicapped persons.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The accounting method wherein a servicer computes the sufficiency of the escrow funds by analyzing the account as a whole.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The ownership of the right to use, control or occupy the air space over a designated property, without the right to use the land surface.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The space above the surface of land that is owned by the landowner and that may be divided and sold or leased to others.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
Also known as
Term Source: LDD Acronym
Term Type: Other
Focus Area: #LDD, #MISMOApprovedAcronym
A change to the terms or conditions of a document and/or change in the variable information added to the Record or Electronic Record, after it is signed; or if it is not required to be signed, after it is delivered.
Term Source: MISMO eMortgage
Term Type: Other
Focus Area: #eMortgage
A program created by Fannie Mae to provide liquidity to the multifamily CMBS market.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A feature that enhances property value. Examples are off-street reserved parking within a condominium community, tennis courts, a swimming pool or the proximity of public transportation.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A set of rules or protocols that enables software applications to communicate with each other. APIs act as intermediaries, allowing different programs to exchange data, features, and functionality.
Term Source: Artificial Intelligence Glossary
Term Type: Other
Focus Area: #ArtificialIntelligence
Anything belonging to or attached to land, such as a barn, garage or easement, that is part of the property and is therefore included in a sale or transfer.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An insulative, fire- and heat-resistant material commonly used in insulation and roofing.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
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