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:Establishes the rights and duties of the Cooperative (Coop) and member shareholder under which the shareholder is allowed to use a certain unit in the premises.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination
Establishes the responsibility of the Cooperative (Coop) to notify the lender in the event of borrower default.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination
Confirms an individual's ownership interest in the Cooperative. AKA: Membership certificate/Perpetual Use & Equity Contract/Certificate of Ownership/Ownership Contract, Coop Stock Certificate.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination
Authorizes the lender to assign the borrowers stock certificate in case of default. AKA: Coop Stock Power.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Informs a cosigner of a loan that they will be obligated to pay the debt if there is a default by the main borrowers on the loan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that the property was constructed to CABO (Council of American Building Officials) standards. Provided by builder. AKA: CABO Certification
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD
Confirms that the borrower has completed counseling related to their mortgage and property obligations
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Provides proof to lenders and other interested parties that clients have completed home retention counseling from a HUD-approved counseling agency. AKA: HUD-9912.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Provides proof to lenders and other interested parties that clients have completed homeownership counseling from a HUD-approved counseling agency. AKA: HUD-9911.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower of certain Veterans' Affairs items of interest regarding the loan and financing eligibility. AKA: VA 26-0592.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Authorizes a company to use a credit card belonging to a client for mortgage related charges. Generally these charges consist of credit report and appraisal fee.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
Establishes the rates and charges incurred for credit insurance. AKA: Credit Insurance Terms, Credit Life Insurance Disclosure.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
1) A report run by an independent credit agency which verifies certain information concerning an applicant’s credit standing 2) Describes the borrowers credit history. Provided by a credit reporting bureau, or a service which consolidates reports from multiple sources into a single report (Tri-merge). AKA: Tri-Merge, Residential Mortgage Credit Report (RMCR).
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #LDD, #MBAGlossary, #Origination
A letter sent to the borrower indicating that a change has been made and describing the nature of the change regarding how a loan is reported to the credit bureaus.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Verifies the identity of any person seeking to open an account; maintains records of the information used to verify the person's identity; and determines whether the person appears on any lists of known or suspected terrorists. AKA: U.S. Patriot Act, Important Applicant Information.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms the date, location and cause of the death of a person. Issued by a government official.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
A written statement from the servicer to the borrower or their authorized agent, outlining the actions of the debtor is entitled by law to take or refuse to take when a debt is in collection. AKA: Statement of Rights
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Establishes the terms of the divorce. Provided by a court or legal authority. AKA: Final Judgment (divorce), Abridgment of Judgment (divorce).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Describes certification that a document has been delivered to the borrower.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that an appraisal report has been delivered, describes how delivered, to whom and when.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
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