Business Glossary-Term List

A national association of title insurance companies, abstractors and attorneys specializing in real property laws. The association speaks for the title insurance and abstracting industry and establishes standard procedures and title policy forms.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A term defined in section 106 of the federal Truth in Lending Act (15 USC 1606), which expresses on an annualized basis the charges imposed on the borrower to obtain a loan (defined in the Act as "finance charges"), including interest, discount and other costs.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Electronic drafting system that debits an authorized bank account and electronically transfers funds scheduled for remittance.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Consumer Finance Protection Bureau (CFPB)

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A governmental entity responsible for the implementation and administration of housing and urban development programs. HUD was established by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A cabinet-level agency of the federal government. The Servicemen�s Readjustment Act of 1944 authorized the agency to administer a variety of benefit programs designed to facilitate the adjustment of returning veterans to civilian life. Among the benefit programs is the VA Home Loan Guaranty program, which encourages mortgage lenders to offer long-term, low down payment financing to eligible veterans by partially guaranteeing the lender against loss upon foreclosure.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Extensible Markup Language is a simple, flexible text format. It is essentially a set of rules or convention for putting structured data in a text file. It is platform independent which allows the computer to generate or read files easily. XML uses tags to delimit pieces of data, but leaves the interpretation of the data up to the application.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

The nation�s largest mortgage investor, created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential property with mortgage purchase and securitization programs. aka Federal National Mortgage Association (FNMA).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Originally established by the Banking Act of 1933 to protect depositors from loss. As a result of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the FDIC administers the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal agency which, among other things, directs the activities of the Federal Insurance Administration and establishes flood insurance rates and terms of coverage, issues policies, processes claims and identifies and maps flood-prone areas.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Independent five-member federal agency regulating the credit activities of the 11 Federal Home Loan Banks.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

See Board of Governors of the Federal Reserve System. Commonly referred to as the Fed.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Created by Congress in Title III of the Emergency Home Finance Act of 1970 (12 USC 1451 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential and multifamily properties with mortgage purchase and securitization programs. aka Federal Home Loan Mortgage Corporation (FHLMC).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.), this federal government corporation is a constituent part of the Department of Housing and Urban Development. Among other governmental functions, it guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Also called Government National Mortgage Association (GNMA).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Private organizations with government charters and backing. Examples are Freddie Mac and Fannie Mae.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A type of flexible payment mortgage where the payments increase for a specified period of time and then level off. Usually results in negative amortization.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A graduated payment mortgage in which increases in a borrower�s mortgage payments are used to accelerate reduction of principal on the mortgage. Due to increased payments, the borrower acquires equity more rapidly and retires the debt earlier.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

An open-end loan, usually recorded as a second mortgage, that permits borrowers to obtain cash advances based on an approved line of credit.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Federal legislation which requires certain types of lenders to compile and disclose data on where their mortgage and home improvement loans are being made.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #DGMFitForPurpose, #MBAGlossary, #MISMOApprovedAcronym