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:The person conveying an interest in real property.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Government Sponsored Enterprise
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
An individual�s or entity�s promise to pay in the event of an operational shortfall.
Term Source: MBA 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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Home Affordable Modification Program
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Home Energy Rating System
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Homeowners Association
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Home Ownership and Equity Protection Act
Term Source: LDD Acronym
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 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
Department of Housing and Urban Development
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Information Management Work Group. IM ensures that consistent business definitions and business information are used across MISMO Products including but not limited to the Business Glossary, Business Reference Model including MISMO Life of Loan, Logical Data Model and related platform dependent models as applicable, and MISMO XML Reference Model and the supporting Collateral. IM is responsible for ensuring that MISMO Products follow all published MEGs and other established product development guidelines.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOApprovedAcronym
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
Internal Revenue Service
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
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