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:An agreement between a borrower and servicer for a borrower to make payments on a trial basis with the intent to test the borrower's commitment to a proposed permanent modification.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A document that describes the terms of the trial modification and the payment due dates. Examples: Fannie Mae Form 195, Fannie Mae/Freddie Mac Form 3156 3/09 (rev. 3/09).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Establishes the terms of a Trust, including the rights and responsibilities of the trustee and the trustor. AKA: Revocable Trust, Irrevocable Trust, Living Trust, Testamentary Trust, Inter Vivos Trust.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes property taken as collateral from a borrower. Required to be filed in public records to record security interest in the property. AKA: Uniform Commercial Code Financing Statement, Notice of Security Interest.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Changes the UCC-1 by amending or terminating the security interest. AKA: Uniform Commercial Code Financing Statement Amendment.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
A written authorization letter from the borrower (mortgagor) designating how to distribute unused escrow funds.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms borrower credit information. AKA: VOC.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A written statement from the servicer to the borrower or their authorized agent, verifying the amount and type of the debt according to the servicer's records.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms borrowers employment information. AKA: VOE.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms mortgage or rent expenses paid by borrower. AKA: VOM, Verification of Rent, VOR.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms information about securities owned by borrower. AKA: VOS.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms the borrowers social security number. AKA: SSA-89.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Authorizes lender to increase borrower's escrow accounts. AKA: VEPD.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Describes the procedure for wiring funds to escrow account. Provided by closing agent.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Authorizes a wire transfer of funds. AKA: Wire Set Up Authorization, Seller Wire/Change Authorization.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Confirms that the recipient is in receipt of funds sent via bank wire process.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the procedure for performing an analysis or making a determination and captures results of the work.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #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].