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:The process of assessing late charges, performing NSF reversals, and resolving suspense applications. Examples: Payoffs, Curtailments, Partial Payments. This process may vary depending on a loan's default status.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of conveying the property to a third party buyer, back to the borrower or into REO administration.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of securing and monitoring real estate acquired by a lender or investor which includes physical maintenance as well as any financial obligations to maintain the lien position on the property. This may include periodic claims for expense reimbursement of allowable maintenance costs.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of inspecting and maintaining a property to ensure value retention, comply with local laws and preserve marketability.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of tracking and paying escrowed items and other required items.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of reporting structured finance deals to the SEC under Regulation AB II according to the terms of the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of assuring compliance to the servicing rules as published by regulatory agencies. This includes required notices, reporting to regulators, responding to consumer complaints, and tracking of activities.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of allowing a borrower to sell a property to a third party where the owner of the beneficial rights agrees to accept less than the amount owed to pay off the loan. The difference between the amount owed and the short sale amount may be a reportable tax event for the borrower.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process by which the servicer facilitates the transfer of beneficial rights from one party to another.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of tracking, managing, certifying and safekeeping Promissory Notes and other mortgage documents on behalf of Note owners and/or holders.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
The process of reviewing a loan to determine need for placement of appropriate payment application stops based on default status. Funds received are typically applied to a suspense account.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of reporting and reconciling funds advanced against funds recovered according to the terms of the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of making a claim to an investor or insurer to recover advances made and losses usually but not necessarily incurred through default management.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of passing a portion of a loan's scheduled or unscheduled principal and interest payments to investors according to the terms of the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of electronically agreeing to a change in the loan terms or conditions to enable the borrower to retain ownership of the property. Often includes a trial period and some form of underwriting to ensure that the borrower qualifies for the new loan terms.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of making a temporary suspension or reduction in mortgage payments for a specified period of time. This is usually processed if a hardship is known in advance and proactively discussed with servicer.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of accepting payments from borrowers and applying them to the loan financial record. Payments may be applied to interest, principal, fees, late charges, escrow, suspense, homeowner association dues and optional coverage products.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of ensuring that investors have received all funds according to the terms of the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of requesting original loan documents from the document custodian and filing applicable lien release(s) with the appropriate recording jurisdiction.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of requesting original loan documents from the document custodian in the event of a non-foreclosure liquidation and filing applicable lien release(s) with the appropriate recording jurisdiction.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
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