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:Confirms final closing information and numbers on a brokered or third party closing. AKA: Funding Worksheet.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Process in which the Lender obtains sufficient information to determine borrower eligibility.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Confirms receipt of all the disclosures in the Disclosure Booklet, HUD Guide to Settlement Costs. Also used to document the float/lock rate requests and mortgage insurance requests and provide the Appraisal Notice to the borrower. AKA: GLAD.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
The process in which the Lender determines that an Adverse Action notice (Statement of Credit Denial, Termination, or Change) is necessary and provides it to the Borrower(s) within a specified timeframe.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of generating the Uniform Closing Dataset (UCD) file and verifying that it meets recipient requirements.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of defining instructions for the Settlement Agent to follow when closing a loan on behalf of the Lender.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of producing the unsigned closing documents package that satisfies the terms of the loan underwriting approval.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of generating disbursement documentation which includes the ALTA Settlement Statement or Closing Statement, and the Seller/Borrower Disbursement Authorizations.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process in which the Lender generates the Power of Attorney document.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Confirms that the borrower is receiving all or part of the down payment as a gift. Provided by gift donor.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
1)A document which tells borrowers the approximate costs they will pay at or before settlement, based on common practice in the locality. Under requirements of the Real Estate Settlement Procedures Act (RESPA), the mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received. 2)Describes the approximate costs borrower will pay at or before settlement, based on common practice in the locality. The mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received. This document is a part of HUD Regulation X (RESPA/Reg X). AKA: Good Faith Estimate.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #MISMOApprovedAcronym, #Origination
Establishes participation and terms in a Group Savings Plan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Process of performing actions required when the Borrower exercises their Right of Rescission.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Informs the borrower that the costs associated with the new HECM loan will not exceed the loan amount.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Evidence, often a screen print, of calculation for HECM principal limit and monthly payment amount.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that a borrower will choose an FHA Insured HECM loan. Provided by the Lender.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A line item listing of closing costs and liens.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower of right to waive HECM counseling requirements if the original loan is originated within five years of the preceding loan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Establishes additional time to sell a property associated with a Home Equity Conversion Mortgage.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that a borrower has met with a lending representative, in person, at some point during the HECM loan origination process.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
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