Business Glossary-Term List

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

A document the collection officer uses to record all collections related to the Single Family Property Disposition Program (Section 204(g)). The document provides the initial point of an audit trail regarding all collections. Form HUD-235 (5/89).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Transfers title to a property from a seller (grantor) to a recipient (grantee); provides evidence of the legal right of ownership.

Term Source: LDD Document

Term Type: Document

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

Contains data about the property sale and conveyance tax calculations. Accompanies a Conveyance Deed at the time of recording. AKA: Deed Tax Form; Conveyance Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Authorizes the lender to assign the borrowers stock certificate in case of default. AKA: Coop Stock Power.

Term Source: LDD Document

Term Type: Document

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

The process of removing a loan from the records of a investor - sometimes a loan is reclassified from a pool or security ahead of foreclosure and being fully removed from the Investor's books. Some portion of interim Investor accounting changes may have occurred earlier in the default management process based on the servicing agreement.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process of sending billing statements, payment schedules or payment coupons.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Process of creating the RMBS Rating dataset to deliver to a third party for validation and subsequent delivery to Rating Agencies.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Authorizes a company to use a credit card belonging to a client for mortgage related charges. Generally these charges consist of credit report and appraisal fee.

Term Source: LDD Document

Term Type: Document

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

Establishes the rates and charges incurred for credit insurance. AKA: Credit Insurance Terms, Credit Life Insurance Disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms the date, location and cause of the death of a person. Issued by a government official.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A written statement from the servicer to the borrower or their authorized agent, outlining the actions of the debtor is entitled by law to take or refuse to take when a debt is in collection. AKA: Statement of Rights

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

The process of deriving the data needed for the HMDA Loan Application Register (LAR).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing

The process of determining the loan's lien position regarding the property. This may be performed multiple times within the Default Management process.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Establishes the terms of the divorce. Provided by a court or legal authority. AKA: Final Judgment (divorce), Abridgment of Judgment (divorce).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes certification that a document has been delivered to the borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Establishes a repeatable direct deposit of funds into an account of a borrower. Used by servicing. AKA: EFT, Automatic Funds Transfer.

Term Source: LDD Document

Term Type: Document

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

Certifies elevation information necessary to ensure compliance with community floodplain management ordinances, to determine the proper insurance premium rate, and to support a request for a Letter of Map Amendment (LOMA) or Letter of Map Revision based on fill (LOMR-F).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Establishes escrow accounts for taxes and insurance. Agreement between borrower and lender.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

An annual review and recalculation of the escrow account based on actual amounts paid into the escrow account and actual amounts disbursed from the escrow account as required by RESPA. The actual amounts are compared to the projected amounts from the prior year's disclosure.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing