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 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
Term Type: Actor
Focus Area: #eMortgage, #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
An organization established to act as an escrow agent.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The committee member representative recommended by the committee and approved by the Board to serve on the Board of Directors. Ex Officio Directors receive all Board communications and attend and participate in all Board meetings. However, they may not vote and do not count toward a meeting quorum.
Term Source: MISMO Governing Documents
Term Type: Actor
Focus Area: #MISMOGOV
A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. Executrix is the feminine form.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An automated system that makes decisions based on parameters built into the system, rather than analysis of data.
Term Source: Artificial Intelligence Glossary
Term Type: Actor
Focus Area: #ArtificialIntelligence
The nation's largest mortgage investor, created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.). This stockholder-owned corporation, a portion of whose board of directors is appointed by the President of the United States, supports the secondary market in mortgages on residential property with mortgage purchase and securitization programs. aka Federal National Mortgage Association (FNMA).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
A lender designated by Fannie Mae who originates, underwrites, closes and services Fannie Mae approved multifamily mortgage loans.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A former government agency within the Department of Agriculture that operated under the Consolidated Farm and Rural Development Act of 1921 and Title V of the Housing Act of 1949. This agency provided financing to farmers and other qualified borrowers who were unable to obtain loans elsewhere. See RURAL HOUSING SERVICE.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Federal Deposit Insurance Corporation
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
Originally established by the Banking Act of 1933 to protect depositors from loss. As a result of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the FDIC administers the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF).
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Federal agency which, among other things, directs the activities of the Federal Insurance Administration and establishes flood insurance rates and terms of coverage, issues policies, processes claims and identifies and maps flood-prone areas.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Independent five-member federal agency regulating the credit activities of the 11 Federal Home Loan Banks.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
See Board of Governors of the Federal Reserve System. Commonly referred to as the Fed.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary, #MISMOApprovedAcronym
Federal Trade Commission (FTC)
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Appraiser who is an independent contractor and is paid a fee on a case-by-case basis by lenders or others for performing a property appraisal.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Federal Emergency Management Agency
Term Source: LDD Acronym
Term Type: Actor
Focus Area: #LDD, #MISMOApprovedAcronym
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