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:A contract or other record created, generated, accessed, sent, communicated, received, or stored by electronic means.
Term Source: MISMO eMortgage
Term Type: Document
Focus Area: #eMortgage, #MBAGlossary
Certifies elevation information necessary to ensure compliance with community floodplain management ordinances, to determine the proper insurance premium rate, and to support a request for a Letter of Map Amendment (LOMA) or Letter of Map Revision based on fill (LOMR-F).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A document issued by an employer which evidences a person's identity and employee identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A signature on a negotiable instrument by which title to property mentioned therein is assigned and transferred. Also, a notation added to an instrument after execution to change or clarify its contents. In insurance, coverage may be restricted or enlarged by endorsing a policy. In FHA loans, a notation placed on the note by the FHA indicating that the loan is insured under the National Housing Act.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Determines loan amount for Energy Efficient Mortgage loan (loan to finance repairs that increase energy efficiency of the home). Required by HUD. Provided by Underwriter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report rendered by an engineer stating the physical condition of property that has been inspected, with a summation or recommendation thereof.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
See Transferable Record. This term is also defined in the MERS eRegistry Procedures Manual available at members.mersinc.org.
Term Source: MISMO eMortgage
Term Type: Document
Focus Area: #eMortgage, #MBAGlossary
Additional terms in the text of the eNote to comply with ESIGN and UETA, also known as "eNote Language"
Term Source: MISMO eMortgage
Term Type: Document
Focus Area: #eMortgage
A document required by many federal, state and local environmental land use laws, containing an analysis of the impact that a proposed change may have on the environment of a specific geographic region. It examines a wide variety of physical, social and economic conditions that would be affected by the proposed development. The analysis covers effects that cannot be avoided, alternatives to the proposed change, short-term versus long-term uses and long-term productivity, irreversible commitments of resources and the benefits to be derived from the proposed change.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A special form of insurance designed to protect an insured against claims for liability and clean-up costs related to pollution. Coverage may be granted for gradual and sudden and accidental pollution, and is always written on a claims made form.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Informs the borrower that all consumers are entitled to an equal chance to obtain credit. AKA: Reg B, ECOA.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
An instrument that, because of a technical defect, is not actually a mortgage, but because the intention of the parties is to create a mortgage, the instrument will be enforced by a court of equity.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Liability insurance coverage for errors, mistakes and negligence in the usual activities of a mortgage banker. Fraudulent behavior is not included.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause providing upward adjustments of rent payments to cover specified contingencies. Also, a provision in a lease to provide for increases in property tax and operating expenses.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A clause that allows a tenant to cancel a lease in situations that would not necessarily justify lease cancellation.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Establishes escrow accounts for taxes and insurance. Agreement between borrower and lender.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
An annual review and recalculation of the escrow account based on actual amounts paid into the escrow account and actual amounts disbursed from the escrow account as required by RESPA. The actual amounts are compared to the projected amounts from the prior year's disclosure.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A three-party agreement between the buyer, seller and the escrow agent, specifying the rights and duties of each.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Establishes work to be completed on a property and the terms under which the funds for the work will be released. AKA: Holdback, Work Escrow Agreement.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms work on the property has been completed and any funds held in escrow can be released. AKA: Work Escrow Mortgagee Assurance of Completion (2300).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
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].