Business Glossary-Term List

Requests that a line of credit be closed after receiving a payoff under a separate cover. AKA: account Closure Letter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

The CFPB Closing Disclosure document. Provides disclosures that help consumers in understanding all of the costs of the transaction.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Closing Disclosure using the alternative disclosures and modifications permitted for transactions without a seller. Refers to Exhibit H�25(J) "Modification to Closing Disclosure for Transaction Not Involving Seller" in the CFPB Integrated Mortgage Disclosures Regulation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

For split disclosures, the borrower-only representation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Closing Disclosure providing both borrower and seller sides of the real estate transaction. Refers to Exhibit H�25(A) "Mortgage Loan Transaction Closing Disclosure�Model Form" in the CFPB Integrated Mortgage Disclosures Regulation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

For split disclosures, the property seller-only representation.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Describes the conditions that must be met in order to complete the closing. Provided by Lender to Closing Agent. AKA: Lender Closing Instructions, Settlement Agent Instructions.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Process of Closing and Funding a mortgage loan.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Process of reconciling the loan fees with the Settlement Agent to ensure accuracy of the final Closing Disclosure (CD).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Process of collecting and confirming data both internally and with third parties that will be used to produce a Closing Disclosure (CD) for the Borrower and the Uniform Closing Dataset (UCD) for GSE delivery.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Process of obtaining Loan Application information from the Borrower(s).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

The process of collecting loan-level data required for HMDA reporting, typically from multiple systems, depending on the Lender's or Servicer's business model.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing

Process of collaborating with appropriate parties to retrieve outstanding documents required for loan servicing.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

The lender uses a comparative income analysis document to compare the performance of a self-employed borrower's business over a period of years to determine its viability. Fannie Mae Form 1088 July 96.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Process of completing the Loan Application information regarding the property, the Borrower(s), and the requested loan.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Process of validating the information contained on the loan application and other Borrower and property details required to decision the application.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Establishes that the borrower will accommodate changes to loan documentation that result from errors and omissions, to ensure that the documents conform to industry standards. AKA: Errors and Omissions, E & O.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A report given a lender by a designated compliance inspector indicating whether construction or repairs conform to conditions established by prior inspection.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination

Documentation or information that must exist (""be satisfied"") at or before a point in the origination process, such as Prior to Closing, Prior to Funding, etc. Common conditions include proof of mortgage insurance (when applicable), proof of homeowners insurance, and requests for additional documentation.

Term Source: MISMO Life of Loan

Term Type: Other

Focus Area: #MISMOLifeOfLoan, #Origination

An agreement to lend money to a borrower that has yet to be identified, but is still subject to the approval of the lender. During HUD/FHA mortgage insurance processing, it indicates the satisfactory completion of technical processing involving the estimated cost of the project, the "as-is" value of the site, a detailed estimate of operating expenses and taxes, supportable costs, the financial and credit capacity of sponsors, financial requirements and mortgage amounts.

Term Source: LDD Document, MBA Glossary

Term Type: Document

Focus Area: #LDD, #MBAGlossary, #Origination