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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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                                                                                                                                                   (MISMO Members)

New Product Incubator

A Work Group who collaborates with MISMO Community, the Mortgage Industry, Emerging Tech Community of Practice and MISMO Product Manager in surfacing, vetting and prioritizing new product ideas.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

NFIP

National Flood Insurance Program

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

Non-Member

Any individual who engages in one or more MISMO Development Work Group (DWG) or other activities that is not a MISMO Member or an employee of an organization that has a MISMO membership in good standing. Such activities include, but are not limited to making a Contribution, attending meetings, or participating by telephone, Internet, or e-mail. All Non- Members are "Participants" under the terms of the IPR Policy.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Nonprofit Sponsor

A group not motivated by profit that backs a housing project. Units can be rented on a nonprofit basis or the sponsor can allow individual, cooperative or condominium ownership.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Note Holder

The person to whom the note was issued as original obligee or, if the note has been transferred, the current transferee entitled to enforce the note.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

OFAC

Office of Foreign Assets Control

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

Office Of The Comptroller Of The Currency (OCC)

Chief regulator of national banks, appointed by the President for a five-year term.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Office Of Thrift Supervision (OTS)

The successor thrift regulator to the Federal Home Loan Bank Board and a division within the Treasury Department. The OTS was responsible for the examination and regulation of federally chartered and state chartered savings associations. The OTS ceased to exist in October 2011.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Open Financial Exchange (OFX)

Open Financial Exchange - a financial data mark- up language to facilitate online data exchanges between businesses, consumers and financial institutions.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Originator

A person who solicits builders, brokers and others to obtain applications for mortgage loans. Often called a loan officer.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Over-The-Counter (OTC) Market

The market created by local dealer trading, as opposed to activity on organized exchanges.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Partnership

A business association of two or more owners who share in the profits and losses of the business. Partners are jointly and severally liable for the debts of the enterprise.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Passive Investor

An investor who has no active role in the operation or construction of a business or project, and who participates only to earn a return on and of his investment.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

PC

Prioritization Committee

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Planned Unit Development (PUD)

A comprehensive development plan for a large land area. A PUD usually includes residences, roads, schools, recreational facilities, commercial, office and industrial areas. Also, a subdivision having lots or areas owned in common and reserved for the use of some or all of the owners of the separately owned lots.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

Planning Commission

A local or regional organization, normally a government agency, responsible for the preparation and adoption of comprehensive long-term general plans for the physical development of property within its jurisdiction.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Portfolio Lender

A lender who holds loans in their portfolio and does not sell to investors in the secondary market. The lender usually holds these loans until maturity or until the loan is paid off.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Primary Market

The market in which mortgages are created and funds are loaned directly to borrowers.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Primary Mortgage Lender

A mortgage banker who makes loans directly to the general public. The general public is known as the "primary market."

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Prime Tenant

A tenant, or related group of tenants, that is the largest single occupant of a building. Such occupancy is generally for 25% or more of aggregate square footage.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

 

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