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Business Glossary-Term List

Welcome to the MISMO Business Glossary - your online source of mortgage industry business terms and data point descriptions. Follow the links provided for Term Type; Focus Area; and Source descriptions; complete terms of authorized usage; and a more detailed description of the MISMO Business Glossary.  Search tip:  Use quotes for an exact search (e.g., "keyword or phrase"). 

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Alternate (Voting Representative)

Appointed by the Member, the employee who may act for the Voting Representative if that individual is unable to do so.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

AWG

Architecture Work Group. The AWG manages MISMO engineering disciplines providing overall technical direction and support for all MISMO Products. AWG is responsible to ensure that MISMO Products follow all published MEGs and other established product development guidelines.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

BET

The Business Executive Team (BET) is responsible for reviewing proposed change / project requests received from Work Sponsors and to prioritize the work efforts of the organization to maintain and update the MISMO Products.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

BFC

The Budget and Finance Committees (BFC)� primary responsibility is to manage, review and recommend to the Board the annual budget.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Billing Representative

If appointed by the Member, the employee or office to which MISMO will send invoices.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

CoC

Council of Chairs. The CoC serves as a forum for all MISMO WGs to communicate and exchange information on topics of general and shared interest across all WGs.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Community of Practice

Community of Practice. A COP represents the business or technology interests of an industry segment and is made up of subject matter experts for that particular segment of the industry.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

COP

Community of Practice. A COP represents the business or technology interests of an industry segment and is made up of subject matter experts for that particular segment of the industry.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

CSGC

The Residential Standards Governance Committee and the Commercial Standards Governance Committee work in concert with the MISMO Officers and the MISMO Manager and other MISMO committees and report to the MISMO Board of Directors.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Director

Member of MISMO�s Board of Directors

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Distributor IPR Policy

An individual or organization who makes, has made, uses, distributes, sells, offers for sale, imports, modifies, reproduces, publishes, publicly performs, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization distributes or in any way provides the MISMO Product (including derivative and compliant works) to any person or entity outside of its own organization, whether or not a fee is received therefore.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

DWG

Development Work Group. A DWG produces a MISMO Product, or set of Products, as specified in its Charter.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

End-User IPR Policy

An individual or organization who makes, has made, uses, distributes, imports, modifies, reproduces, publishes, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization uses the MISMO Product (including derivative and compliant works) either (a) for its own internal business purposes, or (b) within the confines of its organization without distribution to any third party.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Ex Officio Director

The committee member representative recommended by the committee and approved by the Board to serve on the Board of Directors. Ex Officio Directors receive all Board communications and attend and participate in all Board meetings. However, they may not vote and do not count toward a meeting quorum.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

GC

Governance Committee. Two committees (one Residential Standards Governance and the Other Commercial Standards Governance) nominated and elected from a cross-section of industry, that (along with the MISMO Manager) administers MISMO�s day-to-day standardsetting activities and maintains the architectural consistency of MISMO Standards.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Governance Committees (GCs)

Two committees (one Residential Standards Governance and the other Commercial Standards Governance) nominated and elected from a cross- section of industry, that (along with the MISMO Manager) administers MISMO's day-to-day standard-setting activities and maintains the architectural consistency of MISMO Standards.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

IM

Information Management Work Group. IM ensures that consistent business definitions and business information are used across MISMO Products including but not limited to the Business Glossary, Business Reference Model including MISMO Life of Loan, Logical Data Model and related platform dependent models as applicable, and MISMO XML Reference Model and the supporting Collateral. IM is responsible for ensuring that MISMO Products follow all published MEGs and other established product development guidelines.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

MBA

The Mortgage Bankers Association (MBA) is the�national association that represents the real estate finance industry. It is a member-based nonprofit organization. The national MBA is headquartered in Washington D.C., though it works closely in collaboration with local and state mortgage bankers associations around the country.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Member

Any organization that has submitted the MISMO subscription application and the appropriate subscription fees and has been accepted as a member to MISMO.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Member Participant

Any employee of a Member organization. May also be a consultant to a Member if designated by the Member in writing to MISMO.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

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AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].