Business Glossary-Term List

A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Correspondence sent to the borrower indicating that unless the loan is made current within a certain time frame, the lender can, by virtue of a default, declare the entire principal balance outstanding as well as all interest due under the note to be due and payable.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Coverage extended to cover the cost of demolishing property damaged by an insured peril. Policies may be extended to cover the cost of demolishing undamaged property made necessary by a bylaw, court order, etc.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A form used to acknowledge the acceptance of the earnest money that binds an offer to purchase real property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

The rights a landholder sells to improve a property or enhance the use of said property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

An electronic file that contains the Public Key, the name of the certificate holder (which may be either a person or a system name), and a date range during which the certificate can be considered valid as well as the Digital Signature of a Certificate Authority for Authentication, which provides assurance that the Public Key belongs to the entity to which the certificate was issued. A Digital Certificate may also be referred to as a Public Key Certificate.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

Insurance that protects both a corporation and its key employees. The standard D & O policy usually includes corporate reimbursement, which covers expenses insured by the directors and officers for legal costs and judgments indemnified by the corporation, and personal coverage, which protects individual officers and directors against claims not indemnified.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Establishes the terms of the divorce. Provided by a court or legal authority. AKA: Final Judgment (divorce), Abridgment of Judgment (divorce).

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Describes certification that a document has been delivered to the borrower.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Confirms that an appraisal report has been delivered, describes how delivered, to whom and when.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A document that expresses the sequence in which documents occur within a document set. The investor often dictates the document sequence to simplify document processing. A document set sometimes includes the DocumentSequence document itself. AKA: Documentation Order, Stacking Sheet.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A mark "stamped" onto a deed certifying the amount of transfer tax paid.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

The Development Process Document is a procedures guide that outlines the process for developing, reviewing and approving MISMO Products created within the MISMO framework. It also outlines the roles, responsibilities, and interdependencies of the various participants (contributors, committees, staff, etc.) within the MISMO organization tasked with the maintenance and on-going development of the MISMO Products.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

A document which authorizes a person to operate a motor vehicle on a public roadway. Evidences a person's identity and driver's license identifier.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A clause in a mortgage stating that if the mortgagor sells, transfers or in any way encumbers the property, then the mortgagee has the right to implement an acceleration clause making the balance of the obligation due.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A letter issued by HUD or a Direct Endorsement lender deemed as an approval for mortgage insurance on the permanent financing before the beginning of construction.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A right to the limited use or enjoyment of land held by another, including, for example, an interest in land to enable sewer or other utility lines to be laid, or to allow access to a property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A term that represents the entire contents of e-documents produced with an electronic mortgage transaction. The eBinder can be opened only by authorized parties and is separated into eFolders to organize the eDocs.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A document that is created, accessed, presented, and/or signed electronically. An eDoc may be a paper document that is converted to an electronic form.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

Establishes a repeatable direct deposit of funds into an account of a borrower. Used by servicing. AKA: EFT, Automatic Funds Transfer.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing