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:The right by which someone occupying a piece of land acquires title against the real owner, if the occupant�s possession has been actual, continuous, hostile, visible and distinct for a statutory period.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A sworn statement in writing, usually requiring notarization.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The property a debtor acquires after the execution of a mortgage or other form of indebtedness that additionally secures the indebtedness. If the mortgage note contains a statement on after-acquired property, it is said to have an "after-acquired" clause.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The cash flow remaining after deduction of an allowance for taxes attributable to that income.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
Federal or quasi-federal organization involved in mortgage lending, such as Freddie Mac or Ginnie Mae.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
Securities issued by government or quasi-government agencies such as Fannie Mae and Freddie Mac.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
One who legally represents another, called a principal, from whom express or implied authority has been derived.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
An accounting method a servicer uses in conducting an escrow account analysis by computing the sufficiency of escrow account funds by analyzing the account as a whole.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A provision whereby the policyholder agrees to self-assume the payment of claims incurred up to a specific amount or limit, with the insurer paying all claims after such limit is attached.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A provision which limits the maximum liability of an insurer for losses in a given time period (usually 12 months). Policy limits are usually expressed in maximums per accident (or occurrence), with an aggregate for all losses in any one year.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The accounting method wherein a servicer computes the sufficiency of the escrow funds by analyzing the account as a whole.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An agreement whereby the coinsurance clause is waived if the insured agrees to carry a specific amount of insurance which represents at least 90% to 100% of total values at risk. Also known as "stated amount coinsurance."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An insurance endorsement used with a policy containing a coinsurance clause. It binds the insurance company to an agreement that the amount of insurance carried under the policy is sufficient to meet the requirements of the coinsurance clause in the policy. Addition of the agreed amount endorsement eliminates the risk of the coinsurance penalty.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A contract for the sale of property in which transfer of title to the buyer is contingent on the fulfillment of certain conditions.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written document in which the purchaser agrees to buy certain real estate or personal property and the seller agrees to sell under stated conditions. Also called a sales contract, binder or earnest money contract.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The ownership of the right to use, control or occupy the air space over a designated property, without the right to use the land surface.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The space above the surface of land that is owned by the landowner and that may be divided and sold or leased to others.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The transfer of title to real property from one owner to another.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A type of acceleration clause that demands payment of the entire balance upon sale or other transfer of title; also called a "due-on-sale" clause.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A proposal to purchase property without any contingency to obtain a loan to finance any portion of the purchase price.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
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