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:Continuation past original maturity date; continuation of a commitment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A detailed investigation and analysis conducted to determine the financial, economic, technical or other advisability of a proposed project.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A type of insurance that generally covers losses caused by dishonest or fraudulent acts by employees and others.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Home inspection made by a lender, VA, FHA or the appraiser after a new home or repairs have been completed.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Contracts for the purchase or sale of financial instruments at a later date.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A report including a balance sheet and an income statement that describes the financial performance of a business entity or individual.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination
Evaluation of the existing and potential income stream of the real estate to determine prospective cash flow and debt service capacity.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Under the Uniform Commercial Code (UCC), a prescribed document a lender files with the Recorder of Deeds or Secretary of State, giving the name and address of the debtor and the secured party (lender), along with a description of the personal property securing the loan.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
See REFERRAL.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
(1) For multifamily housing, the HUD/FHA agreement to insure construction advances for multifamily housing projects, subject to compliance with the terms of the commitment. HUD/FHA issues a firm commitment for mortgage insurance after accepting complete, final development drawings, including complete specifications and firm costs. (2) The HUD/FHA agreement to insure a loan taken out by a borrower on a specific, previously approved single-family property under specific terms. (3) For loans, a lender's agreement to make a loan to a specific borrower under specific terms and conditions within a given time. (4) In the secondary mortgage market, a buyer's agreement to purchase mortgage securities under specified terms.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage that gives the mortgagee a security right over all other mortgages of the mortgaged property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
In construction financing, where the lender and borrower agree to a schedule of set payments, as opposed to a voucher system of payment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage in which the interest rate and payments remain the same for the life of the loan.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Rental payments under a lease that are fixed and unchanged throughout the term of the lease.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A loan application in which the lender has not committed to lend at a particular interest rate (the rate is not locked-in). In mortgage servicing, the period of time between the receipt of borrower's principal and interest payments and remittance of those funds to investors.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A type of bond in which the yield is allowed to rise and fall within a specified range with the fluctuations of the market. Floating rate bonds have been used in the housing bond market.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Insurance that reimburses the policyholder for damage to property caused by the peril of flood.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Scale architectural drawings showing details of floor design and layout.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A loan in which there are two separate fundings, one funding at acceptable completion of construction, and a second funding upon compliance with occupancy or cash flow requirements as set forth in the loan.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A specialized form of coverage for owners and contractors to protect against damage or delays caused by unpredictable events such as war, strikes or those perils not normally insured under "all risk" policies.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
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