Business Glossary-Term List

Changes one or more of the terms of the Mortgage Insurance Certificate after closing.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Notice issued to the lender to indicate a mortgage insurance underwriting decision of suspend.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A document issued by the US Department of Defense which evidences a person's identity and military identifier.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Mortgagee's Certification and Application for Assistance or Interest Reduction Payments due under HUD Sections 235(b), 235(j), or 235(i). HUD-93102 (04/2003).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A document which assigns a national identifier to a party for a government purpose like taxation or benefits. In the US this is an IRS or Social Security Administration document such as a Social Security Card. Evidences a party's identity and National Identifier Value.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

A national identity document used in many countries in Central and South America. Evidences a person's identity and national Identifier.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

A national identity document used in the US. Evidences a person's identity and Social Security Number.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

1) A general term for any kind of paper or document signed by a borrower that is an acknowledgment of the debt and is, by inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee. 2) Establishes a legal obligation of the borrower to repay the debt. AKA: Promissory Note, Mortgage Note, Loan Agreement.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing

Changes one or more of the terms of a loan in the note and in the security instrument of the mortgagor.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Changes one or more of the terms of the loan in the promissory note.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Adds additional terms to the promissory note.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

1) A public notice filed with a court stating that a mortgage borrower is behind in payment. AKA: NOD 2) The notice sent to defaulting borrowers, required by insurers or guarantors such as FHA, VA or MIC.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Servicing

Releases a specific parcel of real property from an existing security instrument.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A document issued by a national government which certifies a person's identity, nationality, and passport identifier.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Describes income for a particular pay period.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Describes history of payments on a loan. AKA: Loan History.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Describes the terms of a loan and loan payments, often emphasizing timing and amount of the first payment. AKA: Loan Payment Information Sheet, First Payment Letter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the remaining principle balance of a loan that is being paid off or refinanced, based on a defined close or pay date. AKA: Demand, Demand Statement.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A legal document authorizing one person to act on behalf of another.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination, #Servicing

Evidence from state or local authority of tax deferral or exemption. An example is a Homestead Exemption Certificate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing