Home / Standards & Resources / Business Glossary / Business Glossary-Term List

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"). 

Return to full Term List                                                                                           Download Business Glossary
                                                                                                                                                   (MISMO Members)

Refine Results
Search on:





Filter By Focus Area
Filter By Source
Data #LoanApplication
Bankruptcy Indicator

When true, indicates that the borrower declared bankruptcy within the past seven years.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Base Loan Amount

The base loan amount to be loaned to the borrower not including PMI, MIP, or Funding Fee.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Borrower Birth Date

Borrower's date of birth.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Borrower Classification Type

Indicates whether the borrower is the primary or a secondary borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery

Borrower Count

The number of borrowers obligated on the note.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Borrower Paid Discount Points Total Amount

The total dollar amount of discount points that are paid by the borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Borrower Qualifying Income Amount

The total monthly borrower income per lender or investor guidelines.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery

Borrower Requested Loan Amount

The amount of the loan initially requested by the borrower. This amount may include financed PMI, MIP and Funding Fees.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Borrower Residency Basis Type

A value from a MISMO prescribed list that specifies the basis on which the borrower lives/lived at the indicated address.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Borrower Residency Duration Months Count

The total number of months the borrower (has) resided at the indicated address.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Borrower Residency Duration Years Count

The number of years the borrower resided at the indicated address. Could be either current or prior address.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Borrower Residency Type

This attribute, accompanying borrower residence data, qualifies it as either the current or prior borrower's residence.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Buydown Change Frequency Months Count

The time interval in months between interest rate increases during the buydown period. For example if the interest rate increases annually during a two year buydown, the frequency of interest rate change is 12 months.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Buydown Initial Discount Percent

The percent by which the interest rate was bought down at origination. For example, for a 3-2-1 buydown this would be 3.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Buydown Initial Effective Interest Rate Percent

The final bought down interest rate. The rate that the applicant will pay after the buydown is applied.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD

Buydown Schedule Adjustment Percent

The effective reduction against the initial note rate while this buydown payment is in effective.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Buydown Schedule Period Identifier

A unique sequence number for the entries in the buydown schedule. Used to establish correct sequence of the payment elements when an effective date has not yet been established.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD

Buydown Schedule Periodic Payment Amount

The amount of buydown for each payment per the buydown schedule.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD, #LoanApplication

Buydown Temporary Subsidy Funding Indicator

When true, indicates that there is buydown funding on this loan that reduces the interest rate and/or the payments for a specified period.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD

Cash From Borrower At Closing Amount

The total dollar amount required from the borrower to consummate the closing of a real estate transaction.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD

 

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].