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:The process of assessing late charges, performing NSF reversals, and resolving suspense applications. Examples: Payoffs, Curtailments, Partial Payments. This process may vary depending on a loan's default status.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process in which the Document Custodian confirms that it has examined and has in its possession the required documents for the loan, and has resolved any data discrepancies.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of preparing a closed loan to service or to sell.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of conveying the property to a third party buyer, back to the borrower or into REO administration.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of reviewing and collecting documents and data for accuracy to confirm the loan is ready for closing.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of securing and monitoring real estate acquired by a lender or investor which includes physical maintenance as well as any financial obligations to maintain the lien position on the property. This may include periodic claims for expense reimbursement of allowable maintenance costs.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of inspecting and maintaining a property to ensure value retention, comply with local laws and preserve marketability.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of tracking and paying escrowed items and other required items.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of validating the loans in a contract (pool) prior to settlement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of reporting structured finance deals to the SEC under Regulation AB II according to the terms of the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of assuring compliance to the servicing rules as published by regulatory agencies. This includes required notices, reporting to regulators, responding to consumer complaints, and tracking of activities.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process in which the Notary Public and the Borrower(s) sign and notarize documents via a real-time online audio/video connection, without being in the same physical location.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of ensuring that the loan(s) meet investor and regulatory guidelines and are likely to be saleable.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of transferring funds associated with a whole loan or MBS contract.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of allowing a borrower to sell a property to a third party where the owner of the beneficial rights agrees to accept less than the amount owed to pay off the loan. The difference between the amount owed and the short sale amount may be a reportable tax event for the borrower.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of assessing the risks that arise from contractual third party relationships, in order to meet Regulatory Guidance.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan
Process of delivering recordable documents to the appropriate government agency (typically the County Recorder or County Clerk) so that they become part of the public land records system.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process by which the servicer facilitates the transfer of beneficial rights from one party to another.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of tracking, managing, certifying and safekeeping Promissory Notes and other mortgage documents on behalf of Note owners and/or holders.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
Process of completing a verbal, or reviewing a written, verification of employment.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
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].