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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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Process
Condominium Conversion

The process of changing rental units into a condominium form of ownership.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Confidentiality

Data and information assets must be confined to authorized access and not be disclosed to others who do not have a need to know. Exact criteria for criticality is to be determined by each organization

Term Source: Data Governance & Management CoP (DGM)

Term Type: Process

Focus Area: #DGMFitForPurpose, #MBAGlossary

Confirm Underwriting Approval Not Expired

Process of reviewing the loan approval's expiration dates and the expiration of documents associated with the underwriting approval.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Confirmation Of Sale

Court approval of the sale of property by an administrator, executor, guardian, conservator or commissioner in a foreclosure sale.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Consider Flood Risk

The process in which the consumer considers the flood risk of a property.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan

Consumer Pre-Application Activities

The processes that could occur prior to the consumer starting the mortgage application process.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan

Consummate

To bring to completion.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Contribution (IPR Policy)

A written or oral submission from a MISMO Member or Non-Member to a WG to assist with DWG in drafting a MISMO Standard or MISMO Collateral.

Term Source: MISMO Governing Documents

Term Type: Process

Focus Area: #MISMOGOV

Conventional Financing

Mortgage financing which is not insured or guaranteed by a government agency.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Convey

The act of transferring title to real property from one party to another.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Conveyance

The document, such as a deed, lease or mortgage, used to effect a transfer.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Coordinate Accounting Changes with Investor

The process of removing a loan from the records of a investor - sometimes a loan is reclassified from a pool or security ahead of foreclosure and being fully removed from the Investor's books. Some portion of interim Investor accounting changes may have occurred earlier in the default management process based on the servicing agreement.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Correlation

The final step in the appraisal process where the appraiser considers three estimates of value derived from cost, income and market data approaches. The correlation process weighs the influence of each method in relation to the specific property type and final estimate of value.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Cost Approach To Value

A valuation approach in which the value of a property is determined by computing the replacement value of improvements, depreciation and the value of the land.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Cramdown

Court-ordered reduction of a loan balance.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Create and Distribute Billing Statements

The process of sending billing statements, payment schedules or payment coupons.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Create eNote

Process in which the Lender creates the eNote and makes it available to the system used at closing

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Create Reconveyance Document

The process in which the Servicer creates the Reconveyance document. (May be referred to as Lien Release, Release of Lien, Lien Discharge, or Deed of Reconveyance)

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Create RMBS Rating Dataset

Process of creating the RMBS Rating dataset to deliver to a third party for validation and subsequent delivery to Rating Agencies.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Create Security Instrument

Process in which the Lender creates a security instrument.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

 

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].