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 to whom ownership, rights or interest in property is transferred.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
One who transfers to another ownership or interest in property.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The agent who is granted authorization to perform specific acts on behalf of another.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Architecture Work Group. The AWG manages MISMO engineering disciplines providing overall technical direction and support for all MISMO Products. AWG is responsible to ensure 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 corporation that owns a controlling interest in one or more banks.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Members are primarily commercial banks.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person who benefits from a life insurance policy, will, contract or deed of trust. In the latter case, the lender is the beneficiary.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The Business Executive Team (BET) is responsible for reviewing proposed change / project requests received from Work Sponsors and to prioritize the work efforts of the organization to maintain and update the MISMO Products.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOApprovedAcronym
The Budget and Finance Committees (BFC)� primary responsibility is to manage, review and recommend to the Board the annual budget.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOApprovedAcronym
If appointed by the Member, the employee or office to which MISMO will send invoices.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOGOV
Governing body of the Federal Reserve System that regulates all national and state-chartered banks in the Federal Reserve System and sets and regulates monetary policy. Commonly known as "the Fed."
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A mortgagor who receives funds in the form of a loan with the obligation of repaying the loan with interest (if applicable), and in addition, any person purchasing (aka purchaser) the real property securing the loan, executing the promissory note, executing a guaranty of the debt evidenced by the promissory note, or signing a security instrument in connection with a loan.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An individual employed on a fee or commission basis as an agent to bring buyers and sellers together and assist in negotiating contracts between them. Also see MORTGAGE BROKER and THIRD-PARTY ORIGINATOR (TPO).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A project sponsor specifically organized to build or rehabilitate and sell a project immediately upon completion to a private, nonprofit organization, at the certified cost of the project. The nonprofit sponsor buys a total package.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The trade association of owners and managers of commercial real estate, who benefit from exchange of information and management techniques.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Credit Alert Interactive Voice Response System
Term Source: LDD Acronym
Term Type: Actor, Process
Focus Area: #LDD, #MISMOApprovedAcronym
A trusted third-party organization or company that issues, manages, renews, and revokes Digital Certificates used to create Digital Signatures. The Certificate Authority registers the certificate holder�s name and address and allows others to see if the certificate is valid, revoked, or expired. The third-party certificate authority also has the ability to confirm the identity of the certificate holder. This term is also defined in the MERS� eRegistry Procedures Manual available at members.mersinc.org.
Term Source: MISMO eMortgage Glossary
Term Type: Actor
Focus Area: #eMortgageGlossary
A professional designation awarded by the Mortgage Bankers Association (MBA) to those in the industry who have demonstrated superior knowledge and skills in the field of real estate finance. Candidates must be employed by MBA member firms and meet various educational, experience and examination requirements.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Consumer Financial Protection Bureau
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
The exchange where futures and options contracts are traded. Residential mortgage bankers may use futures and options to hedge their inventories of mortgages.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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