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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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Data
Account Transcript Indicator

When true, indicates the user requested an account transcript which contains information about the financial status, penalties, and adjustments. Used on the IRS Form 4506T and 4506-C.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Accounts Payable

Money owed by a business to suppliers of goods or services. Accounts payable are considered current liabilities on the balance sheet.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

Accounts Receivable

Money owed to a business for goods or services provided to customers. Accounts receivable are classified as current assets on the balance sheet, with a contra account for bad debts on receivables.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

Accrued Interest

Interest earned for the period of time elapsed since interest was last paid.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

ACH ABA Routing and Transit Identifier

The 9 digit routing and transit number for the bank from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Account Type

The account type from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Additional Escrow Amount

Dollar amount beyond the normal PITI that is be drafted and applied to the escrow account.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Additional Principal Amount

Dollar amount beyond the normal PITI that is be drafted and applied to reduce the principal of the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Bank Account Identifier

The number identifying the account from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Bank Account Purpose Type

Identifies the purpose of the account where the payment or refund is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Bank Account Purpose Type Other Description

A free-form text field used to collect additional information when Other is selected for ACH Bank Account Purpose Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Draft After Due Date Day Count

The number of days past the payment due date that payment drafting is scheduled to occur. Payment due date plus ACH Draft Days after Due Date equals draft date.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Draft Frequency Type

A value from a MISMO defined list that indicates how frequently the servicer drafts the scheduled mortgage payment from the account of the borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Draft Frequency Type Additional Description

A free-form text field used to provide a supplemental comment or remark regarding the ACH Draft Frequency Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Draft Frequency Type Other Description

A free-form text field used to collect additional information when Other is selected for ACH Draft Frequency Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Drafting Party Name

Identifies who is drafting the payment on the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Indicator

When true, indicates that a loan is enrolled in Automatic Clearing House (ACH) payment drafting.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Institution Telegraphic Abbreviation Name

The abbreviated name of the depository institution assigned by the Federal Reserve.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Pending Draft Effective Date

Identifies the date on which automated drafting is scheduled to begin.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Receiver Subaccount Name

The subaccount name for the receiver of the wire.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

 

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].