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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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#Origination
Condominium Occupancy Certificate

Confirms the percentage of a Condominium (Condo) Association or phase is currently occupied.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Confirm Underwriting Approval Not Expired

Process of reviewing the loan approval's expiration dates and the expiration of documents associated with the underwriting approval.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Conservator And Guardianship Agreement

Authorizes a person to sign documents for a borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Construction Cost Breakdown

Describes in detail the construction costs to build a new structure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Consumer Handbook On ARM

Describes Adjustable Rate Mortgages and reviews their benefits and risks. AKA: CHARM.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Conversion Option Notice

A document that notifies the borrower of upcoming conversion options and scheduled interest rate changes..

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Conveyance Deed

Transfers title to a property from a seller (grantor) to a recipient (grantee); provides evidence of the legal right of ownership.

Term Source: LDD Document

Term Type: Document

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

Conveyance Tax Form

Contains data about the property sale and conveyance tax calculations. Accompanies a Conveyance Deed at the time of recording. AKA: Deed Tax Form; Conveyance Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Cooperative By laws

Establishes the rules for governing and operating the Cooperative (Coop) Housing Corporation.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Cooperative Operating Budget

Describes the planned revenues and expenditures of the Cooperative (Coop) for the current fiscal year.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Cooperative Proprietary Lease

Establishes the rights and duties of the Cooperative (Coop) and member shareholder under which the shareholder is allowed to use a certain unit in the premises.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Cooperative Recognition Agreement

Establishes the responsibility of the Cooperative (Coop) to notify the lender in the event of borrower default.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Cooperative Stock Certificate

Confirms an individual's ownership interest in the Cooperative. AKA: Membership certificate/Perpetual Use & Equity Contract/Certificate of Ownership/Ownership Contract, Coop Stock Certificate.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Cooperative Stock Power

Authorizes the lender to assign the borrowers stock certificate in case of default. AKA: Coop Stock Power.

Term Source: LDD Document

Term Type: Document

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

Cosigner Notice

Informs a cosigner of a loan that they will be obligated to pay the debt if there is a default by the main borrowers on the loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Counseling Certification

Confirms that the borrower has completed counseling related to their mortgage and property obligations

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Counseling Certification: Home Retention

Provides proof to lenders and other interested parties that clients have completed home retention counseling from a HUD-approved counseling agency. AKA: HUD-9912.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Counseling Certification: Homeownership

Provides proof to lenders and other interested parties that clients have completed homeownership counseling from a HUD-approved counseling agency. AKA: HUD-9911.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Counseling Checklist For Military Homebuyers

Informs the borrower of certain Veterans' Affairs items of interest regarding the loan and financing eligibility. AKA: VA 26-0592.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Create eNote

Process in which the Lender creates the eNote and makes it available to the system used at closing

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

 

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