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:Describes the condition of the subject property, or any of a variety of building systems or interior or exterior elements of the structure, or aspects of the surrounding property (such as water or soil).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes a commitment to issue property insurance pending payment.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Describes the information regarding the risk covered by the insurance policy, including the name of the insurance company, its address, name of the policy holder, starting and ending dates of coverage, the actual coverage given in the contract, including locations and amounts.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Establishes the terms and conditions of the contract for insurance covering the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
A written agreement between a buyer and seller of real property, setting forth the price and terms of sale.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
A document that notifies the borrower that the interest rate on the ARM loan has changed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Establishes that the borrower will reinstitute a mortgage debt after bankruptcy proceedings are completed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Confirms the payment or exchange of a good or service.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
An instrument used to transfer title from a trustee to the equitable owner of real estate, used when the performance of debt is satisfied under the terms of a deed of trust.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
Establishes the rights and duties of the landlord and tenant in a rental transaction. At a minimum identifies the parties, the property, the term of the rental, and the amount of rent for the term. AKA: Lease Agreement.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
An agreement between a servicer and a borrower in which the servicer agrees not to exercise its legal right to foreclose and the borrower agrees to a payment plan that will, over a certain time period, bring the borrower current on the loan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Establishes a requirement for a senior lien holder to inform a junior lien holder in the event of a default on the common property. Required to be recorded. AKA: Notice of Default.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A letter sent to a consumer detailing the investigation and resolution of a complaint or inquiry.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that a judgment filed against a property has been released. Provided by a legal authority. AKA: Acknowledgement of Satisfaction of Judgment.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Confirms the security interest has been paid off and the lien on the property is released. Required to be recorded. AKA: Reconveyance, Real Estate Lien Release, Satisfaction of Deed of Trust Certificate And Affidavit Of Satisfaction, Certificate Of Discharge, Certificate Of Satisfaction, Deed Of Reconveyance, Deed Of Release, Discharge Of Deed To Secure Debt, Discharge Of Mortgage, Full Deed Of Release, Full Reconveyance, Lost Mortgage Satisfaction, Release Of Lien, Release Of Mortgage, Request For Cancellation, Request For Full [X] / Partial [ ] Release Of Deed Of Trust And Release, Satisfaction, Satisfaction Of Mortgage, Satisfaction Piece, Satisfaction, Cancellation Or Discharge Of Mortgage, Trust Deed Release.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A letter sent to service members detailing that their mortgage loan is in default, advising them of potential protections and providing contact information for further discussion. AKA: HUD98070.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Mortgage or deed of trust evidencing the pledge of real estate as collateral for the loan. Establishes the lender's security interest in the real property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Adds additional terms to the security instrument.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Changes one or more of the terms of a loan of the mortgagor in the security instrument.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Used for refinance loans in state of NY. AKA: CEMA.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
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