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").
Return to full Term List
Download Business Glossary
(MISMO Members)
An association of investment banking firms that trades certain kinds of government-related securities, including mortgage-backed securities.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person appointed or required by law to execute and administer a trust.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Real Estate Finance Security Management Organization, the security workgroup of the Mortgage Industry Standards Maintenance Organization (MISMO), created to develop, promote, and maintain voluntary electronic commerce security standards for the mortgage industry.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A group of investors who pool funds for investment in real property.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person licensed to sell and/or lease real property, acting as an agent for others, and who is a member of a local real estate board affiliated with the National Association of Realtors (NAR). Realtor is a registered trademark of the NAR.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An impartial person appointed by the court to administer properties involved in foreclosure or other litigation, to receive its rents and profits and apply or dispose of them at the direction of the court.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An arm of the state or federal government that has the responsibility to license, pass laws, regulate, audit and monitor industry related issues (i.e., NAIC, FHLBB, HUD).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One of three major parties involved with SISAC, the relying parties trust in the credentials to approve and process business transactions using electronic signatures.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An individual entitled to the remainder of an estate.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A government agency responsible for managing and resolving the affairs of insolvent savings and loan associations placed into receivership by the FDIC. This includes the liquidation, operation and sale of thrift institutions and thrift assets.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A government agency within the U.S. Department of Agriculture which offers various financing programs available to aid in the development of rural America. These rural housing programs are divided into three categories; Community Facilities (CF), Single Family Housing (SFH), and Multi-Family Housing (MFH). These programs were formerly operated by the Rural Development Administration and the Farmers Home Administration.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Trade association located in Washington, D.C. serving the savings institution business and the public interest by furthering thrift and homeownership.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A mutual or stock association chartered and regulated by the Office of Thrift Supervision. Traditionally, deposits are invested in residential mortgage loans, although savings and loans now have broader lending powers.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Successor insurance fund to FSLIC, this fund insures the deposit accounts of federally insured savings associations. The SAIF, which is separate from the Bank Insurance Fund (BIF), is administered by the FDIC.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The market where lenders and investors buy and sell existing mortgages or mortgage-backed securities, thereby providing greater availability of funds for additional mortgage lending.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Secure Identity Services Accreditation Corporation, a non-profit subsidiary of the Mortgage Bankers Association (MBA) that develops and maintains industry standards for secure identity credentials to be used within e-mortgage related transactions and accredits issuers of secure identity credentials against these same standards.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A governing body that regulates the sale and registration of securities. The SEC protects investors and the general public against fraud and malpractice in financial markets.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A term used by Fannie Mae and Freddie Mac for a mortgage banker or other entity that has met the requirements necessary to sell and service mortgages for Fannie Mae or Freddie Mac.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person or entity which coordinates or conducts a closing or settlement.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One who invests in a business but does not participate in the operation of the enterprise and may be anonymous, except to the other partners.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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].