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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A tenant who remains in possession of leased property after the expiration of the lease term.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A nonprofit corporation or association that manages the common areas and services of a planned unit development or condominium project. In a condominium project, it has no ownership interest in the common areas; in a planned unit development, it holds title to common areas.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Private multifamily housing corporation established to serve a specific geographic area (neighborhood, city, state or region). Provides technical assistance, lends seed money and directly sponsors housing developments. Generally includes community residents, local business representatives and governmental officials on its board of directors.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A state or local agency responsible for the financing of housing and the administration of subsidized housing programs.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A financial institution that lends to the public. Examples are mutual savings banks, life insurance companies, commercial banks, pension and trust funds and savings and loan associations.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The term preferred over other terms such as "policyholder" or "policyowner," to describe the party protected under an insurance contract to whom the insurer reimburses losses, pays benefits or provides services.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A firm that engages in the origination, underwriting, issuance and/or distribution of securities, including mortgage-backed securities.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Any person or institution that invests in mortgages or mortgage-backed securities.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
In cooperative housing programs, a private, profit-making organization that undertakes the development of housing projects for sale at a profit to nonprofit cooperative corporations.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One who packages mortgages for sale as securities.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One of three major parties involved with SISAC, issuers are the parties responsible for the creation and life cycle management of identity credentials for electronic signatures.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
In some states, a form of general partnership with some of the features of a corporation. Stockholders are legally liable for the debts of the company.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An association formed for a specific purpose and duration between two or more parties to own and/or develop real estate. A joint venture may take a variety of legal forms, including partnership, tenancy in common or corporation.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Owner or lessor of real property.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One holding rights of possession and use of property under the terms of a lease. Also see TENANT.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
London Interbank Offered Rate, which is the average rate of interest that major London banks are willing to pay each other for U.S. dollar deposits for various terms.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A form of business ownership that consists of one or more general partners who are fully liable, and one or more limited partners who are liable only for the amount of their investment.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A government agency that monitors and implements programs to satisfy community housing development needs.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The party named in a loss payable clause to whom insurance proceeds are to be paid in the event of damage to property in which the loss payee has an insurable interest. Loss payees include automobile lienholders and property mortgagees.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The first private secondary market for the sale of conventional mortgages insured by the Mortgage Guaranty Insurance Corporation (MGIC).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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