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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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#LDD #Origination
Escrow For Completion Letter

Confirms work on the property has been completed and any funds held in escrow can be released. AKA: Work Escrow Mortgagee Assurance of Completion (2300).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Estimate Of Closing Costs Paid To Third Party

Informs the borrower of estimated loan closing costs.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Estoppel Agreement

Establishes that certain statements of fact are correct as of the date of the statement and can be relied upon by a third party (including a prospective lender or purchaser).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Evaluation Report

A type of valuation report produced by an appropriately qualified, competent and independent person.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Evaluation Report: Desktop

A report produced by an appropriately qualified, competent and independent person and includes the development of a value conclusion without a physical inspection and may rely on expert systems and data.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Evaluation Report: Exterior Inspection

A report produced by an appropriately qualified, competent and independent person and includes the development of a value conclusion and includes an exterior inspection of the property and may also rely on expert systems and data.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FACTA Credit Score Disclosure

Informs the borrower of their credit score, range of possible scores, key factors affecting score, reporting agencies used, contacts for obtaining a report copy, and includes a statement that terms offered are based on consumer report information.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Fair Lending Notice

Informs the borrower that it is illegal to discriminate in lending practices. This is different that the Equal Credit Opportunity Act. AKA: The Housing Financial Discrimination Act of 1977 Fair Lending Notice.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Federal Application Insurance Disclosure

Informs the borrower that the lender is offering an insurance product or annuity in connection with an extension of credit. AKA: AntiCoercion Disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Federal Sale Of Insurance Disclosure

Informs the borrower that the lender is selling credit insurance as part of the loan transaction.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Five Day Waiver

Confirms that the borrower waives the requirement to receive the Notice to Homebuyer five days before closing.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Limited Denial Of Participation General Services Administration Checklist

Confirms that a borrower is not recorded on the LDP/GSA (Limited Denial of Participation/General Services Administration) lists, and therefore is eligible for an FHA loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA MI Premium Netting Authorization

Determines the appropriate amount for an FHA streamlined refinance loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Mortgage Credit Analysis Worksheet

Determines the appropriate amount for an FHA loan. AKA: MCAW.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Referral Checklist

Confirms that all requirements have been met prior to FHA foreclosure. Provided to FHA.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Refinance Maximum Mortgage Worksheet

Determines loan amount for refinance loan, included with or attached to the MCAW. Required by HUD, provided by Underwriter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

FHA Refinance Of Borrowers In Negative Equity Positions Borrower Certification

Borrower's certification that they have not been convicted within the last ten (10) years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion. (HUD Form 92918)

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Financial Statement

A report including a balance sheet and an income statement that describes the financial performance of a business entity or individual.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination

Flood Hazard Notice

Informs the borrower that flood insurance may be required by the lender. AKA: Special Flood Hazard Notice, Flood Hazard Notification.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Flood Insurance Agreement

Establishes that a borrower will maintain flood insurance in the amount prescribed by the lender for the duration of the loan term.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

 

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