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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Search on:A zoning procedure where there is a prescribed amount of residential or unit density for an entire area. The developer is permitted to concentrate or disperse the density within the area in accordance with flexible site-planning criteria. This differs from a traditional zoning plan that dictates density on a lot-by-lot basis, prescribing the same maximum density for all single structure lots within the zoning district.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
The process of collecting and confirming both internally and with third parties, the data that will be used to produce a Closing Disclosure (CD) while updating the Lender's system of record and/or Loan Origination System (LOS).
Term Source: MISMO Life of Loan
Term Type: Process
Process of reconciling the loan fees with the Settlement Agent to ensure accuracy of the final Closing Disclosure (CD).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of collecting and confirming data both internally and with third parties that will be used to produce a Closing Disclosure (CD) for the Borrower and the Uniform Closing Dataset (UCD) for GSE delivery.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process by which a property's price is determined.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Mortgage-backed security where payments on the underlying collateral are partitioned to provide for different maturity classes, called tranches. Investors choose to buy one or more tranches, with each tranche representing a different maturity. Investors receive payments of interest or principal prioritized according to tranche.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Process of obtaining Loan Application information from the Borrower(s).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of collecting loan-level data required for HMDA reporting, typically from multiple systems, depending on the Lender's or Servicer's business model.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
Process of collaborating with appropriate parties to retrieve outstanding documents required for loan servicing.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The servicing procedure followed to bring a delinquent mortgage current and to file the required notices to begin foreclosure when necessary.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
An act that indicates good title, but in fact contains some defect.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Combining funds (such as escrows) into one account that should be accounted for and deposited into separate accounts.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Process of completing the Loan Application information regarding the property, the Borrower(s), and the requested loan.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of validating the information contained on the loan application and other Borrower and property details required to decision the application.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
A method of depreciation involving the separation of the cost of various elements of a building (such as roofing, plumbing and mechanical components) to take advantage of the shorter useful lives of such elements, and thereby increase the depreciation deductions in the early years of a project.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A method to achieve maximum financing by splitting a real estate parcel into separate fee and leasehold interests, and financing each component separately. Also called "split financing."
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
HUD's automated system that tracks the application for mortgage insurance from the initial appraiser request through to loan closing and MIC issuance.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
An electronic system that furnishes subscribers with the latest data on available loan programs at a variety of lending institutions. Some CLOs offer mortgage information services and can prequalify buyers, process loan applications, underwrite loans and even make a commitment of funds.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
The taking of private property for public use under the right of eminent domain with just compensation paid the owner and others with an interest in the condemned property.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A monthly prediction of the number of current outstanding mortgages in a pool that will prepay.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
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