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:One who acts in a capacity of trust and confidence for another.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Appraiser who researches and analyzes primary and secondary data and prepares appraisal reports.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A private entity created by the accounting profession to develop and promulgate financial accounting standards and practices. Its membership is composed of top-level accounting professionals from business, government and education professions. It derives its authority from official recognition by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA), and from the general support of corporate and investment communities. While SEC has the authority to regulate accounting standards, it nearly always defers to the FASB.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Federal Information Processing Standard
Term Source: LDD Acronym
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Fannie Mae
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Federal Reserve Board
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Freddie Mac
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Federal Reserve System
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Governance Committee. 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 standardsetting activities and maintains the architectural consistency of MISMO Standards.
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 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 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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Government National Mortgage Association
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
A regulated central market in which standardized contracts for the future delivery of GNMA securities are traded.
Term Source: MBA 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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
The person to whom an interest in real property is conveyed.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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