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:The name suffix of the individual represented by the parent object. (E.g., JR = Junior, SR = Senior, etc.)
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
A value from a MISMO prescribed list that classifies identification numbers used by the Internal Revenue Service (IRS) in the administration of tax laws. A Social Security number (SSN) is issued by the SSA; all other taxpayer identification numbers are issued by the IRS.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The specific value of the taxpayer identifier as assigned by the Internal Revenue Service (IRS) to the individual or legal entity.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The total monthly liabilities for all borrowers on the loan.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The total monthly qualifying income for all borrowers on the loan.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The number of 1-4 unit properties that are financed and owned and/or obligated on by the borrower(s). A jointly owned/obligated property by multiple borrowers would count only once.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The total amount of all non-subject-property- liabilities to be paid to complete the real estate transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The sum total dollar amount of the value of all sales concessions granted by an interested party including such items as furniture, carpeting, decorator allowances, automobiles, vacations, securities, giveaways or other sales incentives.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total amount of all subject-property- liabilities to be paid as part of the real estate transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total amount of subordinate financing associated with the loan.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD
A value from a MISMO prescribed list that categorizes a trust.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The amount of the closing funds or down payment that is borrowed or provided by another party, including the seller, and not disclosed on the mortgage loan application.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
When true, indicates that some or all of the closing funds or down payment is borrowed or provided by another party, including the seller, and not disclosed on the mortgage loan application.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
When true, indicates that the Borrower is a co-signer or guarantor on other debts not disclosed on the loan application.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
When true, indicates the borrower will apply for other credit (not mortgage loan) prior to closing the mortgage transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
When true, indicates the borrower will apply for a mortgage loan on a property that is not the subject property on or before closing of this transaction that is not disclosed on this application.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total monthly amount of the borrower's gross income from non-employment sources.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total dollar amount of all credits applied to the subject transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total amount due from the borrower at closing in order to complete the real estate transaction.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
The total dollar amount of all new mortgage loans being simultaneously originated on the subject property.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanApplication, #MISMO3.4_iLAD
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