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").
Return to full Term List
Download Business Glossary
(MISMO Members)
Refine Results
Search on:A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales. The report typically combines information from a drive-by exterior inspection and various external data sources, such as MLS, but not an interior inspection. AKA: BPO.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales but with no physical inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A report produced by a real estate sales person or broker which provides an estimation of the subject property's most probable selling price and a listing of comparable sales and includes details from a physical inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that the property construction is completed to requirements. Provided by builder. AKA: Termite Treatment Builders Certificate (99A).
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination
Written authorization from a local municipal authority for the construction of a new building, or for extensive repairs or improvements on an existing structure.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination
Authorizes the legal operation of a business in an area issued by the state or municipality.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination
Establishes a rate variant, or temporary adjustment, of interest rate on the loan. Used to reduce, or step down, an interest rate.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Describes the settlement process, charges, rights and remedies available under RESPA, as well as explanation of settlement services and costs. AKA: Settlement Cost Booklet.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms results from the HUD Credit Alert Interactive Voice Response System, which indicates whether the individual is in default on direct or guaranteed federal loans or are otherwise ineligible for an FHA loan. Result is transcribed or captured as a screen-print from the HUD website. AKA: CAIVRS.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Represents money payable or paid (if cancelled). AKA: Checks, Cancelled Checks.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the list of action items, steps, or elements required to be consulted or completed to accomplish a task.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the legal obligation of a parent to pay money toward the care and maintenance of his/her children.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Requests that a line of credit be closed after receiving a payoff under a separate cover. AKA: account Closure Letter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
The CFPB Closing Disclosure document. Provides disclosures that help consumers in understanding all of the costs of the transaction.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Closing Disclosure using the alternative disclosures and modifications permitted for transactions without a seller. Refers to Exhibit H 25(J) "Modification to Closing Disclosure for Transaction Not Involving Seller" in the CFPB Integrated Mortgage Disclosures Regulation.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
For split disclosures, the borrower-only representation.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Closing Disclosure providing both borrower and seller sides of the real estate transaction. Refers to Exhibit H 25(A) "Mortgage Loan Transaction Closing Disclosure Model Form" in the CFPB Integrated Mortgage Disclosures Regulation.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
For split disclosures, the property seller-only representation.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Describes the conditions that must be met in order to complete the closing. Provided by Lender to Closing Agent. AKA: Lender Closing Instructions, Settlement Agent Instructions.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
The lender uses a comparative income analysis document to compare the performance of a self-employed borrower's business over a period of years to determine its viability. Fannie Mae Form 1088 July 96.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy. For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].