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:A document required by many federal, state and local environmental land use laws, containing an analysis of the impact that a proposed change may have on the environment of a specific geographic region. It examines a wide variety of physical, social and economic conditions that would be affected by the proposed development. The analysis covers effects that cannot be avoided, alternatives to the proposed change, short-term versus long-term uses and long-term productivity, irreversible commitments of resources and the benefits to be derived from the proposed change.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A special form of insurance designed to protect an insured against claims for liability and clean-up costs related to pollution. Coverage may be granted for gradual and sudden and accidental pollution, and is always written on a claims made form.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An instrument that, because of a technical defect, is not actually a mortgage, but because the intention of the parties is to create a mortgage, the instrument will be enforced by a court of equity.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Liability insurance coverage for errors, mistakes and negligence in the usual activities of a mortgage banker. Fraudulent behavior is not included.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause providing upward adjustments of rent payments to cover specified contingencies. Also, a provision in a lease to provide for increases in property tax and operating expenses.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause that allows a tenant to cancel a lease in situations that would not necessarily justify lease cancellation.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A three-party agreement between the buyer, seller and the escrow agent, specifying the rights and duties of each.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An instrument transferring escrow funds (and obligations under an existing escrow agreement) held by the lender to a third party upon transfer of property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The ownership interest an individual has in real property. The sum total of all the real and personal property owned by an individual at the time of death.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written statement setting forth certain facts which cannot later be repudiated (frequently given by a lender or a tenant relative to a loan or lease, respectively).
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Proof of ownership of property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
In legal descriptions, that portion of land to be deleted or excluded. The term is also used to describe an objection to title or encumbrance on title.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written contract giving one licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written contract giving one real estate agent the right to sell a piece of real property and entitling that agent to a commission upon sale, regardless of who finds a buyer.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause in a contract holding a specified party harmless in the event of default. For example, the provision in a note that the debtor will not be held personally liable in the event of default.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Recordation of the appropriate signatures on a document such as a mortgage note, to render it "in effect."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A judicial order directing an appropriate officer of the court to enforce a judgment against the property or person of the judgment debtor, in an attempt to satisfy the judgment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A common extension of insurance coverage beyond the normal fire and lightning perils. Damage caused by windstorm, hail, explosion, riot, vehicles, smoke, aircraft and other falling objects are the additional perils insured by this coverage. In secondary marketing, a market position characterized by uncovered or unhedged mortgage pipeline and/or inventory risk that may result in a financial loss, due to fluctuations and other market factors.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An endorsement that may be attached to insurance policies, which extends the breadth of coverage.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Mortgage rate commitments which are for longer than the typical 60-day lock-in term.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
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