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 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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The details of the Notarial Act common to the State's notarial journal or register requirements.
Term Source: MISMO (Non-LDD)
Term Type: Actor
Focus Area: #eMortgage
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Office of Foreign Assets Control
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
The HUD Office of Housing Counseling (OHC) is part of the Office of Housing/Federal Housing Administration (FHA). The OHC provides support to a nationwide network of Housing Counseling Agencies (HCA) and counselors. HCA's are trained and approved to provide tools to current and prospective homeowners and renters so that they can make responsible choices to address their housing needs in light of their financial situations.
Term Source: MISMO (Non-LDD)
Term Type: Actor
Focus Area: #Origination
Chief regulator of national banks, appointed by the President for a five-year term.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
A financial data mark- up language to facilitate online data exchanges between businesses, consumers and financial institutions.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A person who solicits builders, brokers and others to obtain applications for mortgage loans. Often called a loan officer.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Office of Thrift Supervision
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
The market created by local dealer trading, as opposed to activity on organized exchanges.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The Prioritization Committee (PC) is responsible for providing guidance on organizational priorities and key initiatives. This includes overseeing the Business Executive Team; Senior Advisors; and the New Product Incubator. It further includes recommending to the MISMO Board of Directors which products should be MISMO Standards and which should be MISMO Collateral.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOApprovedAcronym
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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 Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Puerto Rico
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
The market in which mortgages are created and funds are loaned directly to borrowers.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A mortgage banker who makes loans directly to the general public. The general public is known as the "primary market."
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
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