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:Confirms that a property is no longer listed with a real estate agent.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Servicing
A document issued by an architect or engineer stating that construction is completed in accordance with the terms, conditions, approved plans and specifications.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Certificates issued by financial institutions with a stated return or interest rate, and with a set maturity. The bank pays the holder in due course at maturity.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A document issued by the Veterans Administration which verifies a veteran�s eligibility for a VA mortgage guarantee.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A form which evidences policy coverage, limits, etc., which is generally used as proof of insurance. These forms have no legal status and cannot be used in lieu of actual insurance policies.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Written authorization given by a local municipality that allows a newly completed or substantially renovated structure to be inhabited.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A document issued by the Veterans Administration which establishes a maximum value and loan amount for a VA guaranteed mortgage.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An affidavit issued the buyer of real property at a judicial or tax sale which guarantees the deed of the parcel purchased, pending court confirmation.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A confirmation written by a title attorney or company stating that the title to a parcel of real property is legally vested in the present owner.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
FHA form filled out by the Department of Veteran Affairs in order to establish a borrower�s eligibility for an FHA Vet Mortgage.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A chronology of documents which have transferred title to a parcel of real property from the original owner to the present owner.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A document evidencing a change in the original plan of construction by a building owner or general contractor.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Development Process Document Only: A brief statement describing a WG�s purpose and scope Policies and Procedures Only: See Work Group Charter
Term Source: MISMO Governing Documents
Term Type: Document
Focus Area: #MISMOGOV
An agreement between a secured party and a debtor creating a security interest in personal property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Represents money payable or paid (if cancelled). AKA: Checks, Cancelled Checks.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the list of action items, steps, or elements required to be consulted or completed to accomplish a task.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Describes the legal obligation of a parent to pay money toward the care and maintenance of his/her children.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Unencumbered title to real property, free of liens or defects. Also, "free and clear."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Requests that a line of credit be closed after receiving a payoff under a separate cover. AKA: account Closure Letter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
The CFPB Closing Disclosure document. Provides disclosures that help consumers in understanding all of the costs of the transaction.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
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