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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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#ClosingDisclosure
Payoff Amount

The dollar amount for the debt that is being paid off as part of the closing transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Payoff Prepayment Penalty Amount

The dollar amount of the Prepayment Penalty charged on the account being paid in full.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Per Change Maximum Increase Rate Percent

The maximum number of percentage points by which the rate can increase from the previous interest rate.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD

Per Change Maximum Principal And Interest Payment Amount

The maximum dollar amount of the principal and interest payment possible for the specified payment change.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #MISMO3.4_iLAD

Per Change Minimum Principal And Interest Payment Amount

The minimum dollar amount of the principal and interest payment possible for the specified payment change.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Per Change Principal And Interest Payment Adjustment Frequency Months Count

The number of months between payment adjustments, if the payment on the subject loan can change.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #MISMO3.4_iLAD

Per Change Rate Adjustment Frequency Months Count

The number of months between rate adjustments, if the interest rate on the subject loan can change.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Personal Property Amount

The dollar amount of personal property included in the Sales Contract Amount.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Personal Property Included Indicator

Indicates if there is personal property included in the contract for sale.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Postal Code

The postal code (ZIP Code in the US) for the address. ZIP Code may be either 5 or 9 digits.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Prepaid Item Actual Payment Amount

The actual dollar amount paid by a specific party at a specified time for a specified Prepaid Item Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Months Paid Count

The number of months covered by the Prepaid Item Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Paid From Date

The start date for calculating the total number of days covered by the prepaid item.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Paid Through Date

The end date for calculating the total number of days covered by the prepaid item, inclusive of this date.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Payment Paid By Type

The role of the party making the breakout payment.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Payment Timing Type

Defines the point in time during the origination process when the prepaid item payment was paid.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Per Diem Amount

The dollar amount charged per day for the prepaid item.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Per Diem Calculation Method Type

The number of days in the year used in calculating the dollar amount charged per day for the prepaid item per diem amount.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Type

Identification of a monthly housing expense component that must be paid in advance.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

Prepaid Item Type Other Description

A free-form text field used to collect additional information when Other is selected for Prepaid Item Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

 

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