Business Glossary-Term List

A change to the terms or conditions of a document and/or change in the variable information added to the Record or Electronic Record, after it is signed; or if it is not required to be signed, after it is delivered.

Term Source: MISMO eMortgage

Term Type: Other

Focus Area: #eMortgage

Public Key Infrastructure term. A process that uses two different but mathematically related keys; one for creating a digital signature or decrypting data, and another key for verifying a Digital Signature or encrypting data. For either key of the Key Pair, it should be computationally infeasible to calculate the complementary key of that pair.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A process of linking an Electronic Signature to the individual or legal entity previously authenticated.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

Chronological and detailed list of critical events and actions.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A process of confirming an identity of an individual or legal entity, either in connection with the creation of a relationship or in connection with the individual�s or the legal entity�s participation in a transaction.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

The unique, identifiable, and unalterable copy of the Transferrable Record (eNote) maintained within the Control environment established by the Controller. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage

1)Days on which a bank or market is open for business or trading; usually excludes Saturdays, Sundays and legal public holidays. 2)The type of day used by business partners to specify time-bound requirements for processing an eMortgage.

Term Source: MBA Glossary, MISMO eMortgage

Term Type: Other

Focus Area: #eMortgage, #MBAGlossary

A trusted third-party organization or company that issues, manages, renews, and revokes Digital Certificates used to create Digital Signatures. The Certificate Authority registers the certificate holder�s name and address and allows others to see if the certificate is valid, revoked, or expired. The third-party certificate authority also has the ability to confirm the identity of the certificate holder. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

Public Key Infrastructure term. A list of Digital Certificates that are revoked. CRLs are an important part of Public Key Infrastructure, as they validate that the certificate used by the Digital Signature on an Electronic Record has not been revoked and may be trusted. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Other

Focus Area: #eMortgage

A number added to another number or code to detect errors. It is derived by calculating a value specific to the number or code. The integrity of the number or code may be verified by re-computing the check digit and comparing it with the included one. If the check digits match, the identifier was not altered.

Term Source: MISMO eMortgage

Term Type: Other

Focus Area: #eMortgage

A person defined as a consumer under the federal E-SIGN Act. In the mortgage industry this party has historically been known as the borrower; however, E- SIGN legislation referring to the term "consumer" actually references "an individual who obtains, through a transaction, products or services which are used primarily for personal, family, or household purposes," which could include borrowers and sellers for the purpose of consent and disclosure.

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

A Participant has control of a Transferable Record if a system employed for evidencing the transfer of interests in the Transferable Record reliably establishes that Participant as the Participant to which the Transferable Record was issued or transferred pursuant to Section 16 of UETA and Section 201 of E-SIGN. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

The Party (entity) named on the System of Record that has Control of the eNote. For example, the Controller can be thought of as the "holder," "holder in due course," and/or "purchaser" of an original paper note as defined under the Uniform Commercial Code. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

The Controller Delegatee for Transfer Model is used to allow one party to submit registration and transfers on behalf of another party on the MERS� eRegistry. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

A MERS� eRegistry Request that includes a Digital Signature and Registration data. (No eNote is presented at Registration).

Term Source: MISMO eMortgage

Term Type: Event

Focus Area: #eMortgage

A Member of the MERS� eRegistry that is authorized by the Controller to perform certain MERS� eRegistry transactions on the Controller's behalf. The DT can initiate registrations and transfers of Control, but may not initiate change status transactions, or change data transactions except to remove themselves as DT. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Actor

Focus Area: #eMortgage

An electronic file that contains the Public Key, the name of the certificate holder (which may be either a person or a system name), and a date range during which the certificate can be considered valid as well as the Digital Signature of a Certificate Authority for Authentication, which provides assurance that the Public Key belongs to the entity to which the certificate was issued. A Digital Certificate may also be referred to as a Public Key Certificate.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

A mortgage loan where the process of gathering borrower qualifying information is performed in an automated and streamlined fashion such as through a borrower portal. Some of the loan documents, such as the loan application, may be created, accessed, presented, executed, transferred and stored electronically. A digital mortgage may or may not result in an eClosing.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A form of an Electronic Signature that is the result of calculating a Hash Value and encrypting with a Private Key and attaching to an Electronic Record so that, at a later date, there can be verification that the original content of the Electronic Record has not changed. A Digital Signature can also provide evidence of the authenticity of the Electronic Signature and the Electronic Record. Digital signatures in the mortgage banking industry are also known as Tamper Seals, Tamper seal Signatures, and Tamper Evident Signatures.

Term Source: MISMO eMortgage

Term Type: Other

Focus Area: #eMortgage

A process or a system for producing fully populated paper or electronic documents. This may be accomplished in house, or through a third party service, or some combination.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage