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:Authorizes a company to use a credit card belonging to a client for mortgage related charges. Generally these charges consist of credit report and appraisal fee.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Establishes the rates and charges incurred for credit insurance. AKA: Credit Insurance Terms, Credit Life Insurance Disclosure.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Declining term life insurance taken out by a borrower as an added source of funds for the repayment of a loan.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
1) A report run by an independent credit agency which verifies certain information concerning an applicant’s credit standing 2) Describes the borrowers credit history. Provided by a credit reporting bureau, or a service which consolidates reports from multiple sources into a single report (Tri-merge). AKA: Tri-Merge, Residential Mortgage Credit Report (RMCR).
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination
A letter sent to the borrower indicating that a change has been made and describing the nature of the change regarding how a loan is reported to the credit bureaus.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A clause in some mortgage agreements that states a default by the borrower on one mortgage loan also triggers a default on the other loan stated in the clause.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Verifies the identity of any person seeking to open an account; maintains records of the information used to verify the person's identity; and determines whether the person appears on any lists of known or suspected terrorists. AKA: U.S. Patriot Act, Important Applicant Information.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
An instrument, provided by the title company, indicating that no liens have been placed on the property since its original issuance of the title insurance policy, or since any prior date-down endorsement.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Confirms the date, location and cause of the death of a person. Issued by a government official.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
An interest-bearing bond issued against the general credit of a corporation or government organization, with no specific pledge of assets.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A property policy extension of coverage which grants coverage for the expense of removing debris caused by damage to property by an insured peril. Property should be defined as both insured and uninsured.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written statement from the servicer to the borrower or their authorized agent, outlining the actions of the debtor is entitled by law to take or refuse to take when a debt is in collection. AKA: Statement of Rights
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
The document by which title to real property is transferred or conveyed from one party to another.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The transfer of a legal title from the trustee to the trustor (the borrower) after the trust deed is paid in full.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A type of security instrument in which the borrower conveys title to real property to a third party (trustee) to be held in trust as security for the lender, with the provision that the trustee shall reconvey the title upon the payment of the debt and, conversely, will sell the land and pay the debt in the event of a default by the borrower. Also see MORTGAGE.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A condition placed in a deed limiting or restricting the use of the real property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A deed given by a borrower/mortgagor to a lender/mortgagee to satisfy a debt and avoid foreclosure.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A letter sent to the borrower indicating that a breach or nonperformance of the terms of a note, the covenants of a mortgage or the terms of other loan documents has occurred. This letter also advises the borrower of the rights of the lender under the note/mortgage and requires that the default be cured.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A provision in a mortgage which allows the debtor to reclaim property that has been foreclosed, if certain conditions are met.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An encumbrance on a title that is made a part of the public record. Some recorded defects are judgments, mortgages, other liens or easements.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
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