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:Adds additional provisions to the security instrument.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Rider that modifies terms of security instrument to provide for assignments to the MERS registry.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #MISMOLifeOfLoan, #Origination, #Servicing
Informs the borrower that the right to collect their mortgage loan payments may be transferred, and they have certain rights under federal law. Required by RESPA / Regulation X. AKA: Notice to Mortgage Loan Applicants.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Informs the borrower that the servicing of their loan is being transferred. Required by RESPA / Regulation X. AKA: Notice of Transfer of Servicing, Hello/Goodbye Letter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
An agreement between the investor of a loan and the borrower to enter into a short sale on a property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A list of actions and associated dates to be followed during a short sale process.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A document that servicers must send to delinquent borrowers which explains alternatives to foreclosure. AKA Delinquent Notice. Example: Guide Exhibit 1131, Borrower Solicitation Letter, 31 Days Delinquent
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Confirms whether the property is located in a flood zone and therefore whether it requires flood insurance. Provided by FEMA. AKA: Flood Cert, FEMA Standard Flood Hazard Determination.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Names a successor trustee. AKA: Appointment of Successor Trustee.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Authorizes the tax collector to send the tax bill to the respective mortgagee, servicing or processing organization. AKA: Tax Escrow Account Designation, Initial Tax Authorization Notice.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes taxes charged by state or local governments. AKA: Tax Information Sheet, Tax Bill, Property Tax Statement.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
A claim filed against a property, a person or an entity for unpaid taxes.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Releases a tax lien against a property, person, or entity. AKA: Satisfaction of Taxes.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Reports information used to calculate income and income taxes. This is a generic document type used for any IRS tax return document when the specific IRS tax return document type is unknown or unnecessary. Valid AKA: Partnership Return, Corporate Return, Individual Return, S-Corporation, Schedule K1, Schedule D.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
A document which assigns a taxpayer identifier to a party. Evidences a party's identity and taxpayer identifier value.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
In Bolivia, Colombia, El Salvador and Guatemala the taxpayer identifier is called Numero De Identificacion Tributaria, or NIT. Evidences a persons identity and taxpayer identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Confirms existence of the insurance policy that covers the property against defects in workmanship. Provided by Insurance company. AKA: 2-10 Warranty.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the result of a title search of public records. This is the source document that produces the conditions in a title commitment. Provided by Title Insurance company. AKA: Title Search.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Establishes a commitment to issue Title insurance subject to payment or other specified conditions. Provided by the Title Insurance company. AKA: Preliminary Title Report, Prelim.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
A contract by which the insurer agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee or otherwise.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing
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].