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").
Return to full Term List
Download Business Glossary
(MISMO Members)
Refine Results
Search on:The instrument that is actually delivered in fulfillment of the Chicago Board of Trade GNMA-CDR. Similar to warehouse receipts used for agricultural commodities.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The form used by a mortgage servicer in reporting collection from mortgagors, including payments in full, repayment of advances, tax and insurance funds for foreclosed mortgages and any other items not remitted as regular installment payments.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Short-term, negotiable, unsecured notes of highly reputable business firms.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
HUD's estimate of the fair market value of a property in foreclosure. Mortgagees must bid the CAFMV at the foreclosure sale to reserve the option to retain or convey the property to HUD.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An agreement, often in writing, between a lender and a borrower, to loan money at a future date, subject to specified conditions. In secondary marketing, an agreement, in writing, between a lender and an investor to buy and sell mortgages under specific terms.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
One of Fannie Mae's primary tools for neighborhood and community revitalization, the CHIML is designed for the low- to moderate-income homebuyer or homeowner who wishes to purchase or refinance a home that needs modest, rather than substantial, repairs.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A bond furnished by a contractor to guarantee completion of construction.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A report given a lender by a designated compliance inspector indicating whether construction or repairs conform to conditions established by prior inspection.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination
A policy which covers a variety of general liability exposures, including premises, property and operations, products liability, owner's and contractor's protective, contractual liability, elevator liability and employer's liability.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An agreement to lend money to a borrower that has yet to be identified, but is still subject to the approval of the lender. During HUD/FHA mortgage insurance processing, it indicates the satisfactory completion of technical processing involving the estimated cost of the project, the "as-is" value of the site, a detailed estimate of operating expenses and taxes, supportable costs, the financial and credit capacity of sponsors, financial requirements and mortgage amounts.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination
A form reproduced locally by HUD/FHA offices and varying in content depending on local conditions. It lists the most common conditions imposed on conditional commitments, giving each a number. Only the number of the condition is entered on the commitment itself, and the list is attached. Also see VC sheet.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A provision of a balloon mortgage which, at the time of the scheduled balloon payment, allows the borrower to convert to a fixed rate for a fixed period which will fully amortize the mortgage.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A contract for the sale of a property in which transfer of title to the buyer is contingent on fulfillment of certain conditions.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Limitations on the use of land and resulting penalties for failure to comply. Commonly used by land subdividers on newly plotted areas.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The basic condominium documents that must be registered by the originating property owner prior to the conveyance of the first unit sold. The declaration thoroughly describes the entire condominium entity, including each unit and all common areas, and specifies essential elements of ownership that permanently govern its operation. Also known as a "master deed."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An agreement between a general contractor and an owner/developer stating the specific duties the general contractor will perform according to blueprints and specifications at a stipulated price and terms of payment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written agreement between a lender and a builder and/or borrower which details the specific terms and conditions of a construction loan, including the schedule of payments.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Notice attempted indirectly by newspaper or public record, or similar device, whether received or not, which satisfies the legal requirements for notification.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause in a contract that requires the completion of a certain act or the occurrence of a certain event.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An agreement between two or more parties which creates an obligation to do or not to do a particular thing.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy. For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].