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 value from a MISMO prescribed list that specifies the private or public sector entity under whose guidelines the mortgage is originated.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
A free-form text field used to collect additional information or a description of the mortgage type when Other is selected.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
When true, indicates that the loan terms allow unpaid interest to be added to the principal of the loan that can or will result in negative amortization.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD
The limit (in months) during which negative amortization is allowed and after which the loan is re-amortized.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
Then maximum loan balance with accrued increase from negative amortization. (The initial loan amount plus any balance increase that may accrue from the negative amortization provision).
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
Specifies whether negative amortization is scheduled or potential on the loan. Negative amortization is unpaid interest added to the mortgage principal. This applies to loans where the principal balance increases because the payments do not cover the interest.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #MISMO3.4_iLAD
The amount to be repaid as disclosed on the note.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The actual interest rate as disclosed on the note.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
Specifies the type of encoding used by the resource.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
Identifies the resource name (e.g. CreditReport0001.pdf).
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
When true, indicates that the service and associated cost are not required by the creditor. This includes premiums paid for separate insurance, warranty, guarantee or event-coverage products.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
When true, indicates that the terms of the loan allow principal and interest payments that are less than the amount due.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
The method used for applying a partial payment to the loan.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
A free-form text field used to collect additional information when Other is selected for Partial Payment Application Method Type.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
The unique identifier assigned to the party role.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
A value from a MISMO defined list that identifies the role that the party plays in the transaction. Parties may be either a person or legal entity. A party may play multiple roles in a transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
A free-form text field used to collect additional information when Other is selected for Party Role Type.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD
A value from a MISMO prescribed list that specifies how often the obligor must make the financing payments.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD
When true, indicates that the payments on the loan can increase after the closing.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
Specifies that the loan instrument allows the borrower(s) to determine and change on a month-to-month basis the amount of any payment to be paid on the loan for a specified period of time.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD
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