Business Glossary-Term List

1) Development Process Document Only: The formal process, described in detail in this document, by which MISMO develops, tests, approves, and publishes its MISMO Products. 2) Policies and Procedures Only: The formal process, described in detail in the Development Process document, by which MISMO develops, tests, approves, and publishes its MISMO Products. 3) MBA Glossary: The process through which development projects are conceived, initiated, analyzed, financed, designed, built and managed.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary, #MISMOGOV

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

An asymmetric encryption transformation used to approve or sign an electronic record or detect alteration of an electronic record.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

A deductible that disappears as the loss gets larger, i.e., a $500 deductible will not apply to losses over $10,000.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Actual payment of monies. Used to describe construction loan draws.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

Non Personally Identifiable Data used for research or under evaluation for use in the organization.

Term Source: Data Governance & Management CoP (DGM)

Term Type: Process

Focus Area: #DGMFitForPurpose

The flow of funds out of banks and savings institutions into short-term investments on which interest rates are higher.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

To obtain physical possession of property by due process of law.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

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

Disbursement of a portion of the loan proceeds, usually at a predetermined point in the construction or rehabilitation schedule, to pay for work already completed. The balance of the proceeds is retained until the next scheduled draw or until completion of the construction or rehabilitation work to protect the lender against the contractor's failure to complete the work as scheduled.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

An examination by a purchaser of a servicing portfolio. Generally the reviewer will look at credit quality and underwriting of the loan collateral underlying the servicing rights; correctness and completeness of the loan documents; the seller's servicing practices and methodologies; and the accuracy of the portfolio offering document. As used here, a re-underwriting of the loan in line with the borrower's request to determine the feasibility of the request by the lender.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure environment(s) where one or more required closing documents are accessed, presented, and signed electronically.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

The secure transfer of data and/or documents created electronically from one entity to another. There is also a product and service from MERSCORP Holdings named eDelivery see MERS eDelivery.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

An action by a person to electronically apply an electronic sound, a symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. Electronic signatures in MISMO SMART Docs may be a typed name (a Text Signature), a digitized image, such as a "picture" of a written signature created by a signing pad or by other means (an Image Signature), or a Digital Signature. A SMART Doc that contains a scanned or digitized version of an executed paper document has a "Wet" (handwritten) signature type.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage, #MBAGlossary

An advanced method of developing a capitalization rate based on the proportion of an investment represented by debt and equity.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

The right of government bodies, public utilities and public service corporations to take private property for public use (e.g., schools and roads) upon payment of its fair market value.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

The process of creating the initial record in the MERS eRegistry for identifying the Controller, Location, and other key information of the eNote. This term is also defined in the MERS eRegistry Procedures Manual as "eNote Registration Record" and is available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

A file, database, digital signature process, or other electronic method for tracking information concerning use, access to, and Alteration (such as a loan modification) of Electronic Records and which includes identifying and tracking the transfer of ownership of Transferable Records. See MERS eRegistry and Transferable Record

Term Source: MISMO eMortgage

Term Type: Process

Focus Area: #eMortgage

The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance and other bills when due.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

The servicing of an electronic mortgage. To date the implications of servicing electronic mortgages seem minimal on a performing loan. The nuances of pursuing foreclosure using electronic mortgage documentation need to still be addressed.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary