Business Glossary-Term List

The number of bedrooms per unit.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

For a loan with scheduled biweekly payments this is the alternative maturity date if the loan had scheduled monthly payments.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

The age of the borrower at the time of application in years.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

Borrower's date of birth.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

Indicates whether the borrower is the primary or a secondary borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery

The number of borrowers obligated on the note.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

Indicates that the borrower qualifies as a first time homebuyer as determined by the lender and/or the investor. (Note: The 3 year rule used in the Declarations alone is not sufficient.)

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

When true, indicates that the mailing address for the borrower is the same as the property address.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

The total dollar amount of discount points that are paid by the borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

The total monthly borrower income per lender or investor guidelines.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery

The number of loan payments that are available to the borrower from verified financial reserves after closing.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

The time interval in months between interest rate increases during the buydown period. For example if the interest rate increases annually during a two year buydown, the frequency of interest rate change is 12 months.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

The total number of months during which any buydown is in effect. This represents the accumulation of all of the buydown periods.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

The amount by which the interest rate can increase at each adjustment period within the buydown duration.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

The percent by which the interest rate was bought down at origination. For example, for a 3-2-1 buydown this would be 3.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

When true, indicates that there is buydown funding on this loan that reduces the interest rate and/or the payments for a specified period.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

Indicates that interest accrued, escrow disbursements made and/or fees charged are included in the unpaid principal balance.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanDelivery

The stated maximum percentage to which the interest rate can increase over the life of the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

A value from a MISMO prescribed list that specifies the U.S. citizenship or alien status of the individual.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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

The name of the city or Military APO FPO designation.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

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