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:Informs the borrower of certain Veterans' Affairs items of interest regarding the loan and financing eligibility. AKA: VA 26-0592.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Authorizes a company to use a credit card belonging to a client for mortgage related charges. Generally these charges consist of credit report and appraisal fee.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Establishes the rates and charges incurred for credit insurance. AKA: Credit Insurance Terms, Credit Life Insurance Disclosure.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
1) A report run by an independent credit agency which verifies certain information concerning an applicant’s credit standing 2) Describes the borrowers credit history. Provided by a credit reporting bureau, or a service which consolidates reports from multiple sources into a single report (Tri-merge). AKA: Tri-Merge, Residential Mortgage Credit Report (RMCR).
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination
A letter sent to the borrower indicating that a change has been made and describing the nature of the change regarding how a loan is reported to the credit bureaus.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Verifies the identity of any person seeking to open an account; maintains records of the information used to verify the person's identity; and determines whether the person appears on any lists of known or suspected terrorists. AKA: U.S. Patriot Act, Important Applicant Information.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms the date, location and cause of the death of a person. Issued by a government official.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes the terms of the divorce. Provided by a court or legal authority. AKA: Final Judgment (divorce), Abridgment of Judgment (divorce).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Describes certification that a document has been delivered to the borrower.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that an appraisal report has been delivered, describes how delivered, to whom and when.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A document that expresses the sequence in which documents occur within a document set. The investor often dictates the document sequence to simplify document processing. A document set sometimes includes the DocumentSequence document itself. AKA: Documentation Order, Stacking Sheet.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A document which authorizes a person to operate a motor vehicle on a public roadway. Evidences a person's identity and driver's license identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A letter issued by HUD or a Direct Endorsement lender deemed as an approval for mortgage insurance on the permanent financing before the beginning of construction.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes a repeatable direct deposit of funds into an account of a borrower. Used by servicing. AKA: EFT, Automatic Funds Transfer.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Certifies elevation information necessary to ensure compliance with community floodplain management ordinances, to determine the proper insurance premium rate, and to support a request for a Letter of Map Amendment (LOMA) or Letter of Map Revision based on fill (LOMR-F).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A document issued by an employer which evidences a person's identity and employee identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Determines loan amount for Energy Efficient Mortgage loan (loan to finance repairs that increase energy efficiency of the home). Required by HUD. Provided by Underwriter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower that all consumers are entitled to an equal chance to obtain credit. AKA: Reg B, ECOA.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes escrow accounts for taxes and insurance. Agreement between borrower and lender.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes work to be completed on a property and the terms under which the funds for the work will be released. AKA: Holdback, Work Escrow Agreement.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
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