Business Glossary-Term List

The process of establishing a relationship with borrowers through written or electronic communication. This may include welcome letters, payment coupons and other information regarding loan activities per RESPA regulations.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process in which the Servicer or Borrower sends the Reconveyance to the Recorder, so that the release of lien or transfer of title can be recorded.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Informs the borrower that the right to collect their mortgage loan payments may be transferred, and they have certain rights under federal law. Required by RESPA / Regulation X. AKA: Notice to Mortgage Loan Applicants.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Broadly covers the transfers of servicing responsibilities, and in some cases the transfers of servicing rights, in total or in part, through a subservicing or a whole loan servicing arrangement. This transfer of servicing loan data and all historical loan information is transferred from the transferor servicer to the transferee servicer. Impacted parties are notified through items such as goodbye and welcome letters to borrowers. Each servicing transfer is commonly conducted as a one-time event. 'Servicing Transfer' may also be referred to as 'Transfer of Servicing.'

Term Source: MISMO (Non-LDD)

Term Type: Event

Focus Area: #MISMOLifeOfLoan, #Servicing

Informs the borrower that the servicing of their loan is being transferred. Required by RESPA / Regulation X. AKA: Notice of Transfer of Servicing, Hello/Goodbye Letter.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

The process of establishing a loan record on a servicing system when it is received from an originator (new loan) or another servicer (seasoned loan).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

An agreement between the investor of a loan and the borrower to enter into a short sale on a property.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A list of actions and associated dates to be followed during a short sale process.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A document that servicers must send to delinquent borrowers which explains alternatives to foreclosure. AKA Delinquent Notice. Example: Guide Exhibit 1131, Borrower Solicitation Letter, 31 Days Delinquent

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Confirms whether the property is located in a flood zone and therefore whether it requires flood insurance. Provided by FEMA. AKA: Flood Cert, FEMA Standard Flood Hazard Determination.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

The process of submitting the HMDA Loan Application Register (LAR) to the CFPB

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing

Names a successor trustee. AKA: Appointment of Successor Trustee.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Authorizes the tax collector to send the tax bill to the respective mortgagee, servicing or processing organization. AKA: Tax Escrow Account Designation, Initial Tax Authorization Notice.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Describes taxes charged by state or local governments. AKA: Tax Information Sheet, Tax Bill, Property Tax Statement.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

A claim filed against a property, a person or an entity for unpaid taxes.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Releases a tax lien against a property, person, or entity. AKA: Satisfaction of Taxes.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Reports information used to calculate income and income taxes. This is a generic document type used for any IRS tax return document when the specific IRS tax return document type is unknown or unnecessary. Valid AKA: Partnership Return, Corporate Return, Individual Return, S-Corporation, Schedule K1, Schedule D.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

A document which assigns a taxpayer identifier to a party. Evidences a party's identity and taxpayer identifier value.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

In Bolivia, Colombia, El Salvador and Guatemala the taxpayer identifier is called Numero De Identificacion Tributaria, or NIT. Evidences a persons identity and taxpayer identifier.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Confirms existence of the insurance policy that covers the property against defects in workmanship. Provided by Insurance company. AKA: 2-10 Warranty.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing