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

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

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

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

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

The process in which the servicer begins the foreclosure activities.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

An entity that makes assurances and assumes liability for the accuracy of the loan details in the Private Placement Memorandum or Offering Memorandum.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination, #Servicing

The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The SOFR includes all trades in the Broad General Collateral Rate plus bilateral Treasury Repurchase Agreement (repo) transactions cleared through the Delivery-versus-Payment (DVP) service offered by the Fixed Income Clearing Corporation (FICC), which is filtered to remove a portion of transactions considered "specials". Note that specials are repos for specific-issue collateral, which take place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular security.

Term Source: MISMO (Non-LDD)

Term Type: Process

Focus Area: #Origination, #Servicing