Business Glossary-Term List

Estimates the amount and activity in the escrow account based on anticipated future payments. AKA: Escrow Analysis Statement, Impound.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Provides bill which itemizes nature and cost of transactions. AKA: Bill.

Term Source: LDD Document

Term Type: Document

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

Confirms the amount of interest a person has paid on a mortgage. AKA: Mortgage Interest Statement.

Term Source: LDD Document

Term Type: Document

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

Provides the borrowers tax identification number and certifies truthfulness of data provided. Provided by borrower via IRS W9 form. AKA: Request for Tax ID and Certification, Tax Payer ID.

Term Source: LDD Document

Term Type: Document

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

1) A formal decision given by a court or an obligation (such as a debt) created by the decree and/or a certificate evidencing such a decree. 2) Final determination by a court of the rights and claims of the parties to an action.

Term Source: LDD Document, MBA Glossary

Term Type: Document

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

Establishes the rights of others over an individual's (the Testator's) property after the individual's death. AKA: Certificate of Appointment, Letters of Testamentary.

Term Source: LDD Document

Term Type: Document

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

Specifies agreement between a company and an individual to pay a pre-determined amount of money to a beneficiary if the insured dies during the policy term.

Term Source: LDD Document

Term Type: Document

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

Provides information about the employment, income, assets, debts and other financial information of the prospective borrowers. Includes information about the purpose of the home loan and about the property securing the home loan. Provided by Borrower with assistance from the lender. AKA: Uniform Residential Loan Application, 1003, Credit Application, 65.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

A testament that the items stated in the modification application package are true and correct.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

An agreement between a servicer and a borrower to permanently modify the terms of a mortgage loan and either modify existing or establish new conditions as appropriate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

A statement that a modification is denied and the reason(s) why.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

An application representing underwriting information for a loan modification which may include the reasons for the modification request. AKA: Request for Mortgage Assistance (RMA)

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

An agreement between a servicer and a borrower to temporarily modify the terms of a mortgage loan for a trial payment period (TPP) and either modify existing or establish new conditions as appropriate.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Servicing

Provides Lender with information to determine the amount required to pay off an account and the outstanding principle balance as of a specific date.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes transactions recorded and account balances of a customers accounts during a specified period.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

The process of creating, maintaining documentation evidencing the servicer's response to a qualified written request (QWR) from a consumer. The QWR is a request for action or information as outlined in the National Servicing Rules and supplemental guidance from the CFPB or other regulator(s). Per the National Servicing Rules, a servicer must be able to communicate their compliance actions to regulators, transferees or interested third parties when requested.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process of extending and recovering advances for Property Taxes, Hazard Insurance, HOA dues, Leasehold payments and Property Preservation expenses. Some of these processes are part of the Escrow Management function however they may also be a part of default management.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process of managing all activities related to non-performing loans. These activities maybe driven by the borrower willingness to participate, loan documents, investor regulations, servicer requirements and state and federal regulations.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process of establishing and managing any required trust accounts where funds are allocated for payment of taxes, insurance and other items as they become due. In addition, the process of tracking the status of tax and insurance payments on non-escrowed loans.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

The process of obtaining hazard insurance on a secured property when there is no existing policy in force.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing