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 application representing underwriting information for a loan modification which may include the reasons for the modification request. AKA: Request for Mortgage Assistance (RMA)
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
An agreement between a servicer and a borrower to temporarily modify the terms of a mortgage loan for a trial payment period (TPP) and either modify existing or establish new conditions as appropriate.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Provides Lender with information to determine the amount required to pay off an account and the outstanding principle balance as of a specific date.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Describes transactions recorded and account balances of a customers accounts during a specified period.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Summarizes key loan origination information including; pricing, product, contact and payment information; does not include credit decision. AKA: Standard Submission Summary.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Proves the ownership of the manufactured home and shows any liens on the property. Lists the manufacturer, serial numbers, and date of manufacture.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A signed certification, verifying the truth and accuracy of the information with respect to marital status.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that a marriage has occurred.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
The mortgage insurance application provides information about a prospective borrower, the loan program, AU decision, MI premium plan, etc. The MI Application is generally sent by the lender along with the corresponding GSE form 1003/65 and/or GSE 1008/1077.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Confirms existence of the insurance policy protecting the lender against loss from the borrower's failure to make payments on the mortgage loan. AKA: Mortgage Insurance PMI, MIP, MI.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Establishes a commitment to issue mortgage insurance pending specified conditions.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Notice issued to the lender to indicate a mortgage insurance underwriting decision of declined.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Explains terms, requirements, or costs of mortgage insurance. AKA: Comparison Of Lender Paid Mortgage Insurance With Borrower Paid Mortgage Insurance.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Changes one or more of the terms of the Mortgage Insurance Certificate after closing.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
Notice issued to the lender to indicate a mortgage insurance underwriting decision of suspend.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
Confirms that a person served in the military and describes their veterans status. AKA: DD Form 214, DD214.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A document issued by the US Department of Defense which evidences a person's identity and military identifier.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination, #Servicing
The Monthly Summary of Assistance Payments document is due under HUD Sections 235(b), 235(i), or 235(j), or of Interest Reduction Payments due under Section 236. HUD-300 (04/2003).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
Mortgagee's Certification and Application for Assistance or Interest Reduction Payments due under HUD Sections 235(b), 235(j), or 235(i). HUD-93102 (04/2003).
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Servicing
A document which assigns a national identifier to a party for a government purpose like taxation or benefits. In the US this is an IRS or Social Security Administration document such as a Social Security Card. Evidences a party's identity and National Identifier Value.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD, #Origination, #Servicing
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