Business Glossary-Term List

Specifies the method by which the creditor satisfied Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The annual percentage rate for the loan based on the accepted industry standard defined by Regulation Z (Section 12 C.F.R. 1026.18(e)) used for Qualified Mortgages and general disclosure purposes.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

1) The price at which a seller will sell particular securities. In the securities and commodities trade, the highest price offered for a security or commodity at a given time. Also called a quotation or quote. 2) Describes required home repairs or improvements and provides an estimation of cost to complete. AKA: Estimate to Complete Work, Repair Estimate, Alteration Improvement and Repairs.

Term Source: MBA Glossary, LDD Document

Term Type: Data, Document

Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing

Identifies the designation of land use by a governmental authority described by Land Used Description.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. This is primarily a component of other documents (i.e. security instruments, title policies, commitments), but is received separately on some occasions.

Term Source: LDD Document, MBA Glossary

Term Type: Data

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination

The estimated closing date for loan at the time of application.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

When true, indicates the Borrower answered �yes� to the declaration question: �Have you directly or indirectly been obligated on any loan that resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?�

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

Specifies the method used to select the Loan Credit Score across all borrowers.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

A free-form text field used to collect additional information when Other is selected for the Loan Credit Score Selection Method Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

The one credit score value that represents the overall credit risk on the loan. This value is determined using credit score values for each qualifying borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

The date and time on which the agreement to lock a price and interest rate was made.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD, #Origination

The flood zone covering the building or mobile home.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The date of the transfer of ownership of real property as recognized in the jurisdiction in which it is located.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

The date the sales contract was fully executed.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination