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:Internal Revenue Service rules restricting leverage opportunities by limiting a taxpayer's deductible losses to the amount one has "at-risk." One is "at-risk" to the extent of cash contributed and amounts borrowed for which one is responsible for payment from personal assets.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A letter acknowledging a new owner as a landlord or a new organization as a loan servicer. Also called Attornment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An action that enjoins collection efforts from proceeding.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A secondary offer to buy property although the first offer has been accepted, useful in case the first offer fails.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A report of the financial position of a business at a specific point in time, showing its assets, liabilities and owner's equity.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage with periodic installments of principal and interest that do not fully amortize the loan. The balance of the mortgage is due in a lump sum at a specified date, usually at the end of the term.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage with periodic installments of principal and interest that do not fully amortize the loan. The balance of the mortgage is due in a lump sum at a specified date, usually at the end of the term.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The lender's statement under a deed of trust, detailing the remaining principal balance, monthly payment and interest rate on the loan. Also called a "bene statement," "offset statement" or "estoppel certificate."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
1) The price at which a seller will sell particular securities. In the securities and commodities trade, the highest price offered for a security or commodity at a given time. Also called a quotation or quote. 2) Describes required home repairs or improvements and provides an estimation of cost to complete. AKA: Estimate to Complete Work, Repair Estimate, Alteration Improvement and Repairs.
Term Source: MBA Glossary, LDD Document
Term Type: Data, Document
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
A document signed by a seller that certifies a transfer of ownership of personal property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A preliminary agreement between a buyer and seller which includes the price and terms of the contract. In commercial real estate, a legal agreement issued by the insurer or its agent to provide evidence of coverage until such time as a full policy(ies) is/are issued.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage with payments due every two weeks, totaling 26 payments a year.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The coverage of more than one piece of property under one instrument, such as a blanket insurance policy, blanket deed of trust, blanket assignment or blanket survey.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A mortgage that covers more than one parcel of real estate owned by the mortgagor.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A securities offering of interests in a property or group of properties that have yet to be acquired.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Protection against loss arising out of the liability imposed upon the insured by law for damages due to bodily injury, sickness or disease sustained by third parties. Also see PERSONAL INJURY.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Coverage for the loss to boilers and machinery caused by explosion or mechanical breakdown. The policy may cover damage to the boilers, machinery, other property and business interruption.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An obligation written under seal. For example, the obligation may be to make good if a third party defaults (performance bond), or betrays a trust (fidelity bond), or an obligation to pay interest and principal as specified. The latter type of bond is a debt instrument which may be secured by a mortgage or a pool of mortgages.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A state or local sponsored method of assisting low income borrowers and first time homeowners in the purchase of a home at a reduced interest rate.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A long-term absolute net lease with a tenant who has a very high credit ceiling. The lease must be noncancelable and must call for a net rental equal to or above the amount of debt service.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
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