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:A Recertification of Value is performed to confirm whether or not the conditions of a prior appraisal have been met. It does not change the effective date of the value opinion. It is often used for the final inspection or completion certificate for a newly constructed home when the original appraisal was done using plans or specs or when the house was partially complete. It is also used when the original appraisal was subject to repairs or alterations to be made to the house. Confirms that the appraised value of a home has not decreased. The use of the document type includes the Fannie Mae 1004D and Freddie Mac 442.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work 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
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion and an exterior-only inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion and an interior and exterior inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Documents the results of a independent evaluation of an appraisal report and is usually conducted from a checklist and is usually focused on completeness and consistency.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Requests an internal review and evaluation of an appraisal.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion and an exterior-only inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and an exterior-only inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion and an interior and exterior inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and an interior and exterior inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion however no inspection of the subject property was performed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and no inspection of the subject property was performed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Describes the loan approval status and any associated conditions to the borrower. AKA: Notice of Loan Approval, NOLA, Commitment Letter, Conditional Approval, Conditional Commitment.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
The annual percentage rate for the loan based on the accepted industry standard defined by Regulation Z (Section 12 C.F.R. 1026.18(e)) used for Qualified Mortgages and general disclosure purposes.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination
Establishes the purpose and structure of a corporation, also percentages of ownership.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
1) Process: The transfer of ownership, rights or interests in property, as in a mortgage, lease or deed of trust. Mortgages and other security instruments are regularly assigned from one investor to another and commitments by HUD/FHA to insure mortgages may be assigned by one originating lender to another before insurance. 2) Document: Transfers the beneficial interest in a instrument from one party to another.
Term Source: MBA Glossary, LDD Document
Term Type: Document, Process
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
A written agreement that a property buyer will assume responsibility for the obligations of a mortgage from the builder or original owner.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
Confirms that a person is under a Power of Attorney and warrants specifics facts about the person such as: POA has not been revoked, principle has not died, no divorce action has been commenced if spouse of the principle, a guardian or conservator has not been appointed for the Principle.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Addresses trust or other property matters and confirms the legality of the information that is being provided to the lender. This could consist of beneficiary information, assets used as collateral, trustee and revocable nature of trusts. In Some States, Title insurance is provided via an Attorney's Opinion Letter. AKA: Title Opinion, Opinion of Abstract.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
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