Business Glossary-Term List

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 Glossary

Term Type: Actor

Focus Area: #eMortgageGlossary

A governmental entity responsible for the implementation and administration of housing and urban development programs. HUD was established by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency.

Term Source: MBA Glossary

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 MISMO�s 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

The entity whose role it is to ensure the secure and accurate storage and archival of eDocuments; e.g., the person or entity charged with maintaining the Authoritative Copy of the Transferable Record.

Term Source: MISMO eMortgage Glossary

Term Type: Actor

Focus Area: #eMortgageGlossary, #MBAGlossary

An individual or organization who makes, has made, uses, distributes, imports, modifies, reproduces, publishes, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization uses the MISMO Product (including derivative and compliant works) either (a) for its own internal business purposes, or (b) within the confines of its organization without distribution to any third party.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

The agency responsible for enforcing environmental liability.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

The person or organization having a fiduciary responsibility to both the buyer and seller (or lender and borrower) to see that the terms of the purchase/sale (or loan) are carried out. Also called escrow company or escrow depository.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary