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 process of applying borrower funds to a loan's financial record based on the mortgage note terms and subsequent agreements.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of determining the necessary funds for payoff of a loan.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of negotiating the property sale, forwarding the sales proceeds to the investor and removing the property from the servicer's accounting ledger. Includes performing a final reconciliation with the investor.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of producing the unsigned closing documents package that satisfies the terms of the loan underwriting approval.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process in which the Lender requests the Fee Sheet from the Settlement Agent.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of generating the Loan Estimate (LE) and providing it to the Borrower(s) within mandated timelines.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of generating the required loan disclosures and documents (other than the Loan Estimate) and providing them to the Borrower(s) within a specified number of days after application.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of generating all required loan disclosures and documents and providing them to the Borrower(s) within a specified number of days after application.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process, if allowed by law, where an unsecured money judgement is filed against the borrower because the foreclosure sale funds are insufficient to pay the total debt.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
A home loan that meets standards set forth by the federal government that prohibit or limit certain high-risk products and features.
Term Source: MISMO Life of Loan
Term Type: Other
Focus Area: #MISMOLifeOfLoan, #Origination
Process of accepting documentation required to satisfy outstanding closing conditions.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of receiving and reviewing the requested Title Insurance Policy and Endorsements
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of receiving Closing Disclosure (CD) updates via a secure collaboration portal, email, or phone. The Closer reconciles the CD updates to the loan origination system in order to produce the final CD for Closing.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of recording the security instrument in the public land records
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process in which the servicer begins the foreclosure activities.
Term Source: MISMO (Non-LDD)
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process in which the Lender registers the eNote on the MERS eRegistry
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of registering a loan with Mortgage Electronic Registration Systems (MERS) and obtaining a Mortgage Identification Number (MIN).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of generating and submitting IRS 1098 forms due to a taxable event to the borrower occurring as a part of the liquidation process.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of reporting loan payment status and payoffs to the credit bureaus.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of re-purchasing beneficial or servicing rights from a subsequent servicer or investor due to breach of representations and warranties or loan delinquency.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
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