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:A document that expresses the sequence in which documents occur within a document set. The investor often dictates the document sequence to simplify document processing. A document set sometimes includes the DocumentSequence document itself. AKA: Documentation Order, Stacking Sheet.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A document which authorizes a person to operate a motor vehicle on a public roadway. Evidences a person's identity and driver's license identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A letter issued by HUD or a Direct Endorsement lender deemed as an approval for mortgage insurance on the permanent financing before the beginning of construction.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes a repeatable direct deposit of funds into an account of a borrower. Used by servicing. AKA: EFT, Automatic Funds Transfer.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Certifies elevation information necessary to ensure compliance with community floodplain management ordinances, to determine the proper insurance premium rate, and to support a request for a Letter of Map Amendment (LOMA) or Letter of Map Revision based on fill (LOMR-F).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A document issued by an employer which evidences a person's identity and employee identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Determines loan amount for Energy Efficient Mortgage loan (loan to finance repairs that increase energy efficiency of the home). Required by HUD. Provided by Underwriter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower that all consumers are entitled to an equal chance to obtain credit. AKA: Reg B, ECOA.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes escrow accounts for taxes and insurance. Agreement between borrower and lender.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes work to be completed on a property and the terms under which the funds for the work will be released. AKA: Holdback, Work Escrow Agreement.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms work on the property has been completed and any funds held in escrow can be released. AKA: Work Escrow Mortgagee Assurance of Completion (2300).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Informs the borrower of estimated loan closing costs.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes that certain statements of fact are correct as of the date of the statement and can be relied upon by a third party (including a prospective lender or purchaser).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
The lender decision that the application threshold requirements have been met, triggering the disclosure requirements.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of determining whether the loan satisfies Ability-to-Repay (ATR) requirements and/or meets the definition of a Qualified Mortgage (QM).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
A type of valuation report produced by an appropriately qualified, competent and independent person.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent person and includes the development of a value conclusion without a physical inspection and may rely on expert systems and data.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent person and includes the development of a value conclusion and includes an exterior inspection of the property and may also rely on expert systems and data.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Process in which the Lender communicates loan application data with business partners.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process in which the Borrower signs the closing documents, either electronically, or using pen and paper.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
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