Business Glossary-Term List

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

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

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

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

A key initiative in advancing Networked Supervision under which all states are encouraged to participate in or accept the result of one multi-state exam for one company.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination

An individual whose electronic signature is notarized in a remote online notarization; or making an oath or affirmation or an acknowledgement other than in the capacity of a witness for the remote online notarization.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #eMortgage

The process in which the servicer begins the foreclosure activities.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The entity that owns or operates the Remote Online Notarization System, or is contracted with or through to provide access to the Remote Online Notarization System. AKA RON Provider.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #eMortgage

The technology solution used to facilitate the Remote Online Notarization.

Term Source: MISMO (Non-LDD)

Term Type: Other

Focus Area: #eMortgage

Broadly covers the transfers of servicing responsibilities, and in some cases the transfers of servicing rights, in total or in part, through a subservicing or a whole loan servicing arrangement. This transfer of servicing loan data and all historical loan information is transferred from the transferor servicer to the transferee servicer. Impacted parties are notified through items such as goodbye and welcome letters to borrowers. Each servicing transfer is commonly conducted as a one-time event. 'Servicing Transfer' may also be referred to as 'Transfer of Servicing.'

Term Source: MISMO (Non-LDD)

Term Type: Event

Focus Area: #MISMOLifeOfLoan, #Servicing

A mortgage servicer that obtains the rights to service a loan under either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferee receives the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing

A mortgage servicer that transfers the rights to service a loan to another servicer via either a subservicing agreement or an agreement for the sale of mortgage servicing rights (MSR), also referred to as servicing contract rights. The transferor releases the servicing during a servicing transfer.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MISMOLifeOfLoan, #Servicing