Business Glossary-Term List

An entity that purchases mortgages from financial institutions and then securitizes them into mortgage-backed securities (MBS).

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination, #Servicing

As of fiscal year 2008, all agencies are required to utilize an automated counseling application of their choice. The application is generally referred to as the �Client Management System�. The purpose of the system is to automate counseling services, store client data, and interface with the Housing Counseling System's Agency Reporting Module to submit required data to HUD.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination

The U.S. Department of Housing and Urban Development is a federal agency established in 1965 to address housing needs, improve communities, and enforce fair housing laws, ensuring equal access to housing and community-based employment opportunities.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A handwritten signature that is converted upon execution into an electronic form. This is usually performed with a pen and a graphics drawing tablet used for sketching new images or tracing old ones. The user makes contact with the tablet with a pen or puck (mistakenly called a mouse) that is either wireless or connected to the tablet by a wire. For sketching, the user draws with the pen or puck and the screen cursor "draws" a corresponding image. This technology alone will not encrypt a document once signed. AKA Image Signature.

Term Source: MISMO (Non-LDD)

Term Type: Other

Focus Area: #eMortgage

The process of transferring serviced loan(s) from one Servicer to another.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Pre-purchase education, often referred to as homebuyer education, is a program designed to equip prospective homebuyers with the knowledge and skills needed to make informed decisions about purchasing a home, including understanding the home buying process, budgeting, and managing finances.

Term Source: MISMO (Non-LDD)

Term Type: Event

Focus Area: #Origination

Entities such as non-profits and state housing finance agencies who provide critical services such as training, pass-through funding, and technical assistance.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #Origination

The HUD-9902, known as the Housing Counseling Activity Report, is a tool HUD uses to track the Housing Counseling Program. HUD-9902 Housing Counseling Agency Activity Reports are cumulative fiscal year-to-date for each quarterly report period. The data collected helps demonstrate the program�s impact to Congress and other industry stakeholders. The form is designed to capture all of a HUD-approved Housing Counseling Agency's education and counseling activities within HUD�s fiscal year. Marketing and outreach activities, such as fliers mailed or calls made, should not be recorded. The HUD-9902 also captures a client�s demographic characteristics, income level, counseling type, and counseling outcomes.

Term Source: MISMO (Non-LDD)

Term Type: Document

Focus Area: #Origination

Housing Counseling System is a real-time web application that manages the counseling program data. It maintains the list of agencies, collects client data, processes grant applications, and provides performance reports.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination

An identity proofing method that relies on something you know - the verification of information that is unique to the Principal, should be known by the Principal, and can be readily demonstrated by the Principal. Some common forms of this type of identity proofing include Knowledge- Based Authentication (KBA), passwords, or personal identification numbers. See also definition of Knowledge-Based Authentication

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

An identity proofing method that relies on the verification of something you are - the Principal's unique personal traits. Some common forms of this type of identity proofing include comparisons of fingerprints, iris, voice, or face to a reference scan.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

An identity proofing method that relies on something you have - the verification of the Principal's possession of unique information or credentials. Some common forms of this type of identity proofing include Digital Certificates, physical or digital government-issued identification cards, one-time passwords, or a response to a message delivered to a mobile device.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

An identity verification method based on knowledge of private information associated with the claimed identity of the person.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

Data that describe the characteristics or properties of a document, as opposed to the main contents of a document or other data.

Term Source: MISMO (Non-LDD)

Term Type: Data, Other

Focus Area: #DGMFitForPurpose, #eMortgage

A MISMO dataset that contains the loan data fields and delivery file format that lenders must provide regulators for the origination loan portfolio review portion of regulatory compliance examinations. In addition, the data standard to perform pre-closing, post-closing, secondary market, and regulatory compliance audits.

Term Source: MISMO (Non-LDD)

Term Type: Data

Focus Area: #Origination

A method of access control in which a user is granted access after successfully presenting evidence through a minimum of two methods of authentication of identity verification. See also, Identity Verification by Knowledge, Identity Verification by Possession, and Identity Verification by Personal Trait.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #eMortgage

The National Housing Resource Center is dedicated to organizing nonprofit housing counseling agencies into a unified voice to advocate for the housing counseling industry and on behalf of housing consumers.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #Origination

An individual who signs records during a remote online notarization but is not the Principal to the transaction. See also Principal Signer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #eMortgage

The details of the Notarial Act common to the State's notarial journal or register requirements.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #eMortgage

The HUD Office of Housing Counseling (OHC) is part of the Office of Housing/Federal Housing Administration (FHA). The OHC provides support to a nationwide network of Housing Counseling Agencies (HCA) and counselors. HCA's are trained and approved to provide tools to current and prospective homeowners and renters so that they can make responsible choices to address their housing needs in light of their financial situations.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #Origination