Business Glossary-Term List

A Participant has control of a Transferable Record if a system employed for evidencing the transfer of interests in the Transferable Record reliably establishes that Participant as the Participant to which the Transferable Record was issued or transferred pursuant to Section 16 of UETA and Section 201 of E-SIGN. 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

The Party (entity) named on the System of Record that has Control of the eNote. For example, the Controller can be thought of as the "holder," "holder in due course," and/or "purchaser" of an original paper note as defined under the Uniform Commercial Code. 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

The Controller Delegatee for Transfer Model is used to allow one party to submit registration and transfers on behalf of another party on the MERS eRegistry. 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

Community of Practice. A COP represents the business or technology interests of an industry segment and is made up of subject matter experts for that particular segment of the industry.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

A business entity owned by a group of owners, called stockholders. A corporation is considered an artificial person under law.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

A specialized type of mortgage banker whose function is limited to the origination of mortgage loans which are sold to other mortgage bankers or investment bankers under a specific commitment.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Credential Service Provider (often referred to as the AIA, or Accredited Issuing Authority).

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

The Residential Standards Governance Committee and the Commercial Standards Governance Committee work in concert with the MISMO Officers and the MISMO Manager and other MISMO committees and report to the MISMO Board of Directors.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Committee on Uniform Security Identification Procedures

Term Source: LDD Acronym

Term Type: Actor

Focus Area: #LDD, #MISMOApprovedAcronym

Usually a commercial bank which holds for safekeeping mortgages and related documents backing a mortgage-backed security. Custodians may be required to examine and certify documents.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

An investment banker or firm in the business of buying and selling mortgage-backed securities not as an agent, but as a principal. Unlike brokers, dealers hold inventories of securities.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

A Member of the MERS eRegistry that is authorized by the Controller to perform certain MERS eRegistry transactions on the Controller's behalf. The DT can initiate registrations and transfers of Control, but may not initiate change status transactions, or change data transactions except to remove themselves as DT. 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

The U.S. Department of Housing and Urban Development is a federal agency established in 1965 to address housing needs, improve communities, and enforce fair housing laws, ensuring equal access to housing and community-based employment opportunities.

Term Source: MISMO (Non-LDD)

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A cabinet-level agency of the federal government. The Servicemen's Readjustment Act of 1944 authorized the agency to administer a variety of benefit programs designed to facilitate the adjustment of returning veterans to civilian life. Among the benefit programs is the VA Home Loan Guaranty program, which encourages mortgage lenders to offer long-term, low down payment financing to eligible veterans by partially guaranteeing the lender against loss upon foreclosure.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary, #MISMOApprovedAcronym

A person or entity who prepares raw land for building sites or rehabilitates existing buildings.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Member of the MISMO Board of Directors

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

An individual or organization who makes, has made, uses, distributes, sells, offers for sale, imports, modifies, reproduces, publishes, publicly performs, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization distributes or in any way provides the MISMO Product (including derivative and compliant works) to any person or entity outside of its own organization, whether or not a fee is received therefore.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Financial institution that contracts with a lender to maintain custody of certain mortgage documents in the lender's or investor's behalf.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

The rights a widow has to her husband's real property at his death.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Development Work Group. A DWG produces a MISMO Product, or set of Products, as specified in its Charter.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym