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: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
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
See Certificate Authority. This term is also defined in the MERS eRegistry Procedures Manual available at members.mersinc.org.
Term Source: MISMO eMortgage
Term Type: Actor
Focus Area: #eMortgage
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
In commercial property, firms which are key lessees/tenants because of their high credit standing, the amount of space they occupy and/or the percentage of gross rent they pay.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A form of ownership in which ownership interests are publicly traded on securities exchanges, and are therefore liquid.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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