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 report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion without a physical inspection and may rely on expert systems and data.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion and an exterior-only inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report produced by an appropriately qualified, competent and independent appraiser in accordance with USPAP and in which the scope of work includes the development of a value conclusion and an interior and exterior inspection of the subject property.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Documents the results of a independent evaluation of an appraisal report and is usually conducted from a checklist and is usually focused on completeness and consistency.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Requests an internal review and evaluation of an appraisal.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion and an exterior-only inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and an exterior-only inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion and an interior and exterior inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and an interior and exterior inspection of the subject property was performed in the field.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work includes the development of a value conclusion however no inspection of the subject property was performed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A USPAP compliant review by an appraiser in which the scope of work DOES NOT include the development of a value conclusion and no inspection of the subject property was performed.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Describes the loan approval status and any associated conditions to the borrower. AKA: Notice of Loan Approval, NOLA, Commitment Letter, Conditional Approval, Conditional Commitment.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A document, usually issued by an independent architect, verifying that a certain portion of construction on a project has been completed in accordance with approved plans and specifications. This document is often required by construction lenders when advances of funds are to be made at specific stages of construction. Also known as an architect's progress certificate.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
MBA Business Glossary
Term Source: MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary
Establishes the purpose and structure of a corporation, also percentages of ownership.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
The public record of taxable property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
1) Process: The transfer of ownership, rights or interests in property, as in a mortgage, lease or deed of trust. Mortgages and other security instruments are regularly assigned from one investor to another and commitments by HUD/FHA to insure mortgages may be assigned by one originating lender to another before insurance. 2) Document: Transfers the beneficial interest in a instrument from one party to another.
Term Source: MBA Glossary, LDD Document
Term Type: Document, Process
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
A mortgage clause that passes control of leases on an income producing property to the lender. Often a condition to making a loan to ensure, in the case of mortgage default, that any continuing income from the property goes directly to the lender.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A document that evidences the transfer of a mortgage from one party to another.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A transfer to the mortgagee of the right to collect rents from tenants in the event of default by the property owner.
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].