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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(MISMO Members)
Members are primarily commercial banks.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person who benefits from a life insurance policy, will, contract or deed of trust. In the latter case, the lender is the beneficiary.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Governing body of the Federal Reserve System that regulates all national and state-chartered banks in the Federal Reserve System and sets and regulates monetary policy. Commonly known as "the Fed."
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A mortgagor who receives funds in the form of a loan with the obligation of repaying the loan with interest (if applicable), and in addition, any person purchasing (aka purchaser) the real property securing the loan, executing the promissory note, executing a guaranty of the debt evidenced by the promissory note, or signing a security instrument in connection with a loan.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An individual employed on a fee or commission basis as an agent to bring buyers and sellers together and assist in negotiating contracts between them. Also see MORTGAGE BROKER and THIRD-PARTY ORIGINATOR (TPO).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A project sponsor specifically organized to build or rehabilitate and sell a project immediately upon completion to a private, nonprofit organization, at the certified cost of the project. The nonprofit sponsor buys a total package.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The trade association of owners and managers of commercial real estate, who benefit from exchange of information and management techniques.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A professional designation awarded by the Mortgage Bankers Association (MBA) to those in the industry who have demonstrated superior knowledge and skills in the field of real estate finance. Candidates must be employed by MBA member firms and meet various educational, experience and examination requirements.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The exchange where futures and options contracts are traded. Residential mortgage bankers may use futures and options to hedge their inventories of mortgages.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The largest and most active organized options marketplace.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A third-party participant in settling security trades by acting as a buyer to each seller and a seller to each buyer, ensuring performance.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Second or additional person equally responsible for payments on a mortgage. A co-borrower does not have to take title to the property, but usually has to sign the mortgage note.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A second borrower who signs a mortgage loan with a mortgagor. The co-mortgagor�s income, assets and debts are combined with the mortgagor�s for underwriting and ratio analysis purposes. The co-mortgagor�s name must appear on the FHA Certificate of Commitment and the mortgage or deed of trust. For full guarantee under the VA�s program, the co-mortgagor must be either a spouse or another eligible veteran.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
See COOPERATIVE.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One who agrees to assume a debt obligation if the principal borrower defaults on mortgage payments. A co-signer assumes only personal liability and has no ownership interest in the property; his or her income and obligations are used in the underwriting process to reinforce the credit of the principal borrower.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Under a HUD program, an eligible multifamily lender who is permitted to conduct the processing of multifamily projects from initial application through loan closing.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A group composed of property owners that serves to protect and maintain a neighborhood or commonly owned properties.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An entity which issues mortgage-backed securities backed by mortgages which were originated by other lenders.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An organization that collects information about a consumer�s credit history. Information is collected from national repositories and public records.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Consumer Finance Protection Bureau (CFPB)
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
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