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 Term Type
Filter By Focus Area
Filter By Source
#MISMOLifeOfLoan
Handle Rescissions

Process of performing actions required when the Borrower exercises their Right of Rescission.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Issue Clear to Close

Process of confirming all Pre-Closing conditions have been provided and that the Closing can be scheduled.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Issue Funding Authorization

Process of authorizing the Settlement Agent to disburse the loan funds.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Issue Revised Documents

Process of identifying a document inaccuracy and collaborating with appropriate parties to redraw and/or resign the related document(s).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Maintain Evidence of Compliance

The process of creating, maintaining documentation evidencing the servicer's response to a qualified written request (QWR) from a consumer. The QWR is a request for action or information as outlined in the National Servicing Rules and supplemental guidance from the CFPB or other regulator(s). Per the National Servicing Rules, a servicer must be able to communicate their compliance actions to regulators, transferees or interested third parties when requested.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Make Underwriting Decision

Process of providing the results of the underwriting analysis.� Results may include Approval, Denial, or Counteroffer of the loan request.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Manage Advances

The process of extending and recovering advances for Property Taxes, Hazard Insurance, HOA dues, Leasehold payments and Property Preservation expenses. Some of these processes are part of the Escrow Management function however they may also be a part of default management.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Default

The process of managing all activities related to non-performing loans. These activities maybe driven by the borrower willingness to participate, loan documents, investor regulations, servicer requirements and state and federal regulations.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Escrow

The process of establishing and managing any required trust accounts where funds are allocated for payment of taxes, insurance and other items as they become due. In addition, the process of tracking the status of tax and insurance payments on non-escrowed loans.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Forced Placed Insurance

The process of obtaining hazard insurance on a secured property when there is no existing policy in force.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Hazard Claims

The process of tracking damage notifications, repairs, disaster declaration driven claims, management of insurance proceeds and the interaction between insurance companies and borrowers.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage High Touch Loans

The process of assigning and managing loans made under alternative loan programs and products such as state bond programs, ARMs, HELOCs, Buydowns or loans made to an acknowledged VIP. Includes compliance with Servicemember's Civil Relief Act (SCRA).

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Portfolio Risk

The process of identifying, evaluating and quantifying risks followed by coordinated and economical application of resources to minimize, monitor and control the probability or impact of that risk.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Premium Payments

The process of posting premiums received and remitting payments to mortgage insurers.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Preservation of Lien Position

The process of protecting the loan's lien position in situations where borrowers are not current on applicable Property Taxes, Hazard Insurance, HOA dues, Leasehold payments.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Manage Termination of MI

The process of removing MI coverage based upon investor guidelines. This may be automatic or upon the request of the borrower and includes appropriate notifications.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Monitor Bankruptcy Activities

Monitoring bankruptcy activities and performing administrative tasks on behalf of the trustee, borrower or legal entities associated with the bankruptcy. Bankruptcy processes are fairly standard and driven by federal regulations and the Chapter filed.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Notify Mortgage Insurer of Loan Boarding

The process of notifying mortgage insurers that a new servicing relationship has been established.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Notify Stakeholders

The process of notifying interested third parties that a new organization is servicing a loan. This includes but is not limited to Mortgage Insurer(s), Hazard Insurer(s), Optional Insurance Vendor(s), Tax Service Company(ies) and Homeowners Associations.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Servicing

Obtain AUS Recommendation

Process of obtaining a recommendation from an Automated Underwriting System (AUS), which evaluates loan information against underwriting guidelines to assess the risk of the loan.

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].