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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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#LoanDelivery
Interest Accrual Type

Describes the formula used to calculate interest accrued since the previous payment.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest And Payment Adjustment Index Lead Days Count

The number of days prior to an interest rate effective date used to determine the date for the index value when calculating both a new interest rate and a principal and interest payment.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Calculation Basis Days in Year Count Type

The number of days in a year to be used for a loans interest calculation. Commonly used for Daily Simple Interest and other loans where interest due is calculated monthly.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Calculation Basis Type

Defines the loan balance upon which the interest is calculated.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Calculation Effective Months Count

The number of months that the interest determination method is in effect.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Calculation Period Type

Describes the length of the interest accrual period.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Calculation Type

Defines the method used to calculate the interest on the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Only End Date

The date on which the interest only period on the loan ends.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Only Indicator

When true, indicates that the loan terms allow interest-only payments to be made for a specified time period.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Interest Rate Rounding Percent

The percentage to which the interest rate is rounded when a new interest rate is calculated. This field is used in conjunction with Interest Rate Rounding Type which indicates how rounding should occur.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Interest Rate Rounding Type

Specifies how the interest rate is rounded when a new interest rate is calculated for an ARM change. The interest rate can be rounded Up, Down or to the Nearest Percent. This field is used in conjunction with Interest Rate Rounding Percent which indicates the percentage to which the rounding occurs.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Investor Collateral Program Identifier

Identifies the collateral program associated with the loan as identified by a specific entity. The entity may be referenced using the OwnerURI attribute.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Investor Deal Identifier

The unique identifier assigned by the investor to a single family structured transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Investor Feature Identifier

An investor-specified identifier used to identify a loan feature not defined by other attributes.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery, #MISMO3.4_iLAD

Investor Ownership Percent

Identifies the percentage amount of the loan owned by the investor.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Investor Product Plan Identifier

Specifies the source of the list for identifiers of the adjustable loan product being financed. Used for the Fannie Mae Product Plan, Freddie Mac Product Plan and other investor product plans.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery, #MISMO3.4_iLAD

Investor Remittance Day

The day of the month on which principal and interest for the loan are remitted by the servicer to the investor.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Investor Remittance Type

This describes the contractual accounting method used to calculate the funds received by the Servicer from the borrower that are due to the investor.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Last Name

The last name of the individual represented by the parent object.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Last Paid Installment Due Date

The due date of last paid installment (DDLPI) that had been collected for the mortgage.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

 

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