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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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Actor
OTS

Office of Thrift Supervision

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

Over-The-Counter (OTC) Market

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

Term Source: MBA 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 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 Glossary

Term Type: Actor

Focus Area: #MBAGlossary

PC

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

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 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 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 Glossary

Term Type: Actor

Focus Area: #MBAGlossary

PR

Puerto Rico

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

Primary Market

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

Term Source: MBA 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 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 Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Principal or Principal Signer

An individual whose electronic signature is notarized in a remote online notarization; or making an oath or affirmation or an acknowledgement other than in the capacity of a witness for the remote online notarization.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #eMortgage

Property Manager

An individual or company responsible for the daily and long range management of the operations of a property.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Property Owner

Any person who owns an interest in the real property securing the mortgage loan, either before or after the loan is originated, other than a person whose only interest in the real property is as a lien holder.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Property Records Industry Association (PRIA)

Property Records Industry Association: Country recorders who developed a DTD for recording closing information only.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Public Housing Authority (PHA)

A public agency created by state or local governments to finance or operate low-income housing.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Public Securities Association (PSA)

An association of investment banking firms that trades certain kinds of government-related securities, including mortgage-backed securities.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Public Trustee

A person appointed or required by law to execute and administer a trust.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

PUD

Planned Unit Development

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

 

AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy.  For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].