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:Informs the borrower that it is illegal to discriminate in lending practices. This is different that the Equal Credit Opportunity Act. AKA: The Housing Financial Discrimination Act of 1977 Fair Lending Notice.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower that the lender is offering an insurance product or annuity in connection with an extension of credit. AKA: AntiCoercion Disclosure.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Informs the borrower that the lender is selling credit insurance as part of the loan transaction.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that the borrower waives the requirement to receive the Notice to Homebuyer five days before closing.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that a borrower is not recorded on the LDP/GSA (Limited Denial of Participation/General Services Administration) lists, and therefore is eligible for an FHA loan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Determines the appropriate amount for an FHA streamlined refinance loan.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Determines the appropriate amount for an FHA loan. AKA: MCAW.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that all requirements have been met prior to FHA foreclosure. Provided to FHA.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Determines loan amount for refinance loan, included with or attached to the MCAW. Required by HUD, provided by Underwriter.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Borrower's certification that they have not been convicted within the last ten (10) years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion. (HUD Form 92918)
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A report including a balance sheet and an income statement that describes the financial performance of a business entity or individual.
Term Source: LDD Document, MBA Glossary
Term Type: Document
Focus Area: #Commercial, #LDD, #MBAGlossary, #Origination
Informs the borrower that flood insurance may be required by the lender. AKA: Special Flood Hazard Notice, Flood Hazard Notification.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes that a borrower will maintain flood insurance in the amount prescribed by the lender for the duration of the loan term.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms that a borrower has received the information that the borrower should consider a home inspection.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
An agreement between a servicer and a borrower in which the servicer agrees to a temporary reduction or suspension of the mortgage payments. At the end of the period, the borrower is expected to repay the suspended amount based on agreed terms and resume normal payment. A forbearance plan is usually occurs when a borrower experiences a temporary, significant loss of income.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A notice from the servicer to the borrower regarding the intention or status of placing a homeowner's insurance policy on the borrower's property in order to protect the servicer's investment. The servicer has been notified of lapsed or insufficient insurance coverage. May include any required supplemental insurance policies.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Notice to the borrower that the servicer has cancelled the homeowner's insurance it force placed on the property at the borrower's expense. The letter may Include premium refund terms.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
The servicer's initial notice to the borrower of the intent to force place homeowner's insurance on the property unless evidence of an active acceptable policy is provided. AKA: Initial Notice of Intent To Force Placed Insurance
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
The servicer's second and final notice to the borrower of the intent to force place homeowner's insurance on the property unless evidence of an active acceptable policy is provided. The borrower has provided insufficient documentation in response to the Initial Notice of Intent To Force Placed Insurance. AKA: Second And Final Response For Insufficient Documentation
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Notice to the borrower that the servicer has placed homeowner's insurance on the property at the borrower's expense.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
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