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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Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
CMO bonds with coupons that are adjusted periodically at a specified spread over LIBOR (London Interbank Offered Rate).
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An entity or individual that is used by a third-party originator (TPO) to obtain an application for a home mortgage. The entity or individual may completely or partially take the application, process credit documents, underwrite or fund the mortgage and subsequently transfer, assign or sell the mortgage to the TPO. The compensation of the fourth party generally is contingent on the closing of the mortgage.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Created by Congress in Title III of the Emergency Home Finance Act of 1970 (12 USC 1451 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential and multifamily properties with mortgage purchase and securitization programs. aka Federal Home Loan Mortgage Corporation (FHLMC).
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Federal Reserve System
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Governance Committee
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOApprovedAcronym
A party that performs or supervises the construction or development of a property pursuant to the terms of a primary contract with the owner. The general contractor may use its own employees for this work or the services of other contractors (subcontractors).
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The co-owner of a real estate venture who is liable for all debts and other obligations of the venture as well as for the management and operation of the partnership. The general partner controls the business and can take actions that are binding on the other partners.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.), this federal government corporation is a constituent part of the Department of Housing and Urban Development. Among other governmental functions, it guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Also called Government National Mortgage Association (GNMA).
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
A regulated central market in which standardized contracts for the future delivery of GNMA securities are traded.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Two committees (one Residential Standards Governance and the other Commercial Standards Governance) nominated and elected from a cross- section of industry, that (along with the MISMO Manager) administers MISMO's day-to-day standard-setting activities and maintains the architectural consistency of MISMO Standards.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOGOV
Private organizations with government charters and backing. Examples are Freddie Mac and Fannie Mae.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
The person to whom an interest in real property is conveyed.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The person conveying an interest in real property.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An individual's or entity's promise to pay in the event of an operational shortfall.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A party who is secondarily liable for another's debt or performance (in contrast to a surety who is primarily liable with the principal debtor).
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Home Affordable Modification Program
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Home Energy Rating System
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Home Ownership and Equity Protection Act
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
A tenant who remains in possession of leased property after the expiration of the lease term.
Term Source: MBA Business Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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