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:An insulative, fire- and heat-resistant material commonly used in insulation and roofing.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The offering or sales price at which a security would be sold by a securities dealer to an investor.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The process of acquiring adjacent parcels of land to combine into a single site for development.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
The value that a taxing authority places upon real property that becomes the base for computing local property taxes. May also refer to a levy against property for a special purpose, such as a sewer assessment.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
A value factor assigned to real property and used to determine real property taxes. The process of reaching the assessed valuation. Also, an add-on tax to raise money for a special purpose.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The public record of taxable property.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A public official who appraises taxable property to reach its assessed valuation or base on which taxes are calculated.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
A property or right owned, tangible or intangible, that has monetary value and is capable of providing future benefits to its owner.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The ratio of sales over total assets used as an indicator of how well the total investment in assets is being used to generate sales.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The person to whom ownership, rights or interest in property is transferred.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
1) Process: The transfer of ownership, rights or interests in property, as in a mortgage, lease or deed of trust. Mortgages and other security instruments are regularly assigned from one investor to another and commitments by HUD/FHA to insure mortgages may be assigned by one originating lender to another before insurance. 2) Document: Transfers the beneficial interest in a instrument from one party to another.
Term Source: MBA Glossary, LDD Document
Term Type: Document, Process
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
A mortgage clause that passes control of leases on an income producing property to the lender. Often a condition to making a loan to ensure, in the case of mortgage default, that any continuing income from the property goes directly to the lender.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A document that evidences the transfer of a mortgage from one party to another.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A transfer to the mortgagee of the right to collect rents from tenants in the event of default by the property owner.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Loan sale arrangement where the seller assigns the trade with the broker/dealer to the buyer. The buyer of the loans is then responsible for delivery of the mortgage-backed securities to the broker/dealer.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
One who transfers to another ownership or interest in property.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The act of taking over the previous borrower's obligation of a mortgage note. Assumptions may be advantageous if the terms of the mortgage are advantageous and they are not changed by the lender when the mortgage is assumed.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A written agreement that a property buyer will assume responsibility for the obligations of a mortgage from the builder or original owner.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination, #Servicing
The amount paid a lender for the paperwork and processing of records necessary to approve and document a new debtor.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
A buyer's acceptance of primary liability for payment of an existing note secured by a mortgage or deed of trust. The seller remains secondarily liable, unless specifically released by the lender.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
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