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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 #ClosingDisclosure
Average Prime Offer Rate Percent

An annual percentage rate that is derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics. The Federal Reserve Board publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly. This rate is used in determining Higher Priced Mortgage Loans (HPML).

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Balloon Indicator

When true, indicates that a final balloon payment is required to fully pay off the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Balloon Payment Amount

The dollar amount of the final, or lump sum, balloon payment.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Buydown Change Frequency Months Count

The time interval in months between interest rate increases during the buydown period. For example if the interest rate increases annually during a two year buydown, the frequency of interest rate change is 12 months.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Buydown Duration Months Count

The total number of months during which any buydown is in effect. This represents the accumulation of all of the buydown periods.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD

Buydown Increase Rate Percent

The amount by which the interest rate can increase at each adjustment period within the buydown duration.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD

Buydown Initial Effective Interest Rate Percent

The final bought down interest rate. The rate that the applicant will pay after the buydown is applied.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD

Buydown Reflected In Note Indicator

When true, indicates that the buydown rate is reflected in the note.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Buydown Temporary Subsidy Funding Indicator

When true, indicates that there is buydown funding on this loan that reduces the interest rate and/or the payments for a specified period.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Cash From Borrower At Closing Amount

The total dollar amount required from the borrower to consummate the closing of a real estate transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD

Cash From Seller At Closing Amount

The total dollar amount required from the seller to consummate the closing of a real estate transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Cash To Borrower At Closing Amount

The total dollar amount received by the borrower to consummate the closing of a real estate transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD

Cash To Seller At Closing Amount

The total dollar amount received by the seller to consummate the closing of a real estate transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Ceiling Rate Percent

The stated maximum percentage to which the interest rate can increase over the life of the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD

Ceiling Rate Percent Earliest Effective Months Count

The minimum number of months at which the maximum interest rate could be reached.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

City Name

The name of the city or Military APO FPO designation.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Closing Adjustment Item Amount

The dollar amount of the specified Closing Adjustment Item Type. A positive amount indicates a credit to the Buyer.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #MISMO3.4_iLAD

Closing Adjustment Item Paid Outside Of Closing Indicator

When true, indicates payment of the closing adjustment item was paid outside of closing.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Closing Adjustment Item Type

The type of adjustment made during the origination process.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #MISMO3.4_iLAD

Closing Adjustment Item Type Other Description

A free-form text field used to collect additional information when Other is selected for Closing Adjustment Item Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

 

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