Business Glossary-Term List

Member of MISMO�s Board of Directors

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

An individual or organization who makes, has made, uses, distributes, sells, offers for sale, imports, modifies, reproduces, publishes, publicly performs, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization distributes or in any way provides the MISMO Product (including derivative and compliant works) to any person or entity outside of its own organization, whether or not a fee is received therefore.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

The Development Process Document is a procedures guide that outlines the process for developing, reviewing and approving MISMO Products created within the MISMO framework. It also outlines the roles, responsibilities, and interdependencies of the various participants (contributors, committees, staff, etc.) within the MISMO organization tasked with the maintenance and on-going development of the MISMO Products.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

Development Work Group. A DWG produces a MISMO Product, or set of Products, as specified in its Charter.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

An individual or organization who makes, has made, uses, distributes, imports, modifies, reproduces, publishes, displays, or makes derivative works using, or that are compliant with, a MISMO Product where the individual or organization uses the MISMO Product (including derivative and compliant works) either (a) for its own internal business purposes, or (b) within the confines of its organization without distribution to any third party.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

The committee member representative recommended by the committee and approved by the Board to serve on the Board of Directors. Ex Officio Directors receive all Board communications and attend and participate in all Board meetings. However, they may not vote and do not count toward a meeting quorum.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Governance Committee. Two committees (one Residential Standards Governance and the Other Commercial Standards Governance) nominated and elected from a cross-section of industry, that (along with the MISMO Manager) administers MISMO�s day-to-day standardsetting activities and maintains the architectural consistency of MISMO Standards.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Two committees (one Residential Standards Governance and the other Commercial Standards Governance) nominated and elected from a cross- section of industry, that (along with the MISMO Manager) administers MISMO's day-to-day standard-setting activities and maintains the architectural consistency of MISMO Standards.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Information Management Work Group. IM ensures that consistent business definitions and business information are used across MISMO Products including but not limited to the Business Glossary, Business Reference Model including MISMO Life of Loan, Logical Data Model and related platform dependent models as applicable, and MISMO XML Reference Model and the supporting Collateral. IM is responsible for ensuring that MISMO Products follow all published MEGs and other established product development guidelines.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Implementation guidance for use of MISMO Standards to solve industry business and/or technical issues. Guidance may include narrative descriptions, sample use cases, sample code, mappings, and much, much more. Implementation Guides are used to accelerate adoption of the standards.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

A document designed to assist individuals who are implementing the MISMO standards by providing helpful information and/or sample files. It typically includes guidance on the usage of the standard.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Sets forth MISMO�s policy regarding the disclosure and licensing of intellectual property rights in regard to the development and implementation of the MISMO Standards. The MISMO IPR Policies may be accessed via the footer of mismo.org.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Intellectual Property Rights. Sets forth MISMOs policy regarding the disclosure and licensing of intellectual property rights in regard to the development and implementation of the MISMO Standards. The MISMO IPR Policies may be accessed via the footer of mismo.org.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

Logical Data Dictionary documenting standard business names, definitions, enumerations, formats and more; and included within the XML Schema are the SMART Doc� standards which provide formats for electronic formatting of documents

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

To document the XML Reference Model, MISMO creates a Logical Data Dictionary (LDD) that defines each XML data element used for electronic transactions. The result is a single, common data set for the mortgage industry. The borrower, employment, property and other commonly used information have a common data definition, no matter which mortgage industry segment is using the data. A catalog of key components of the MISMO Reference Model, including terms, containers, data attributes, and ARCROLES.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

The Logical Data Model (LDM) will make it easier for organizations to communicate regardless of the technologies they choose to use for communicating with business partners. The LDM will support XML and JSON, which is the technology of choice for mobile transactions. The LDM was built using Unified Modeling Language (UML) 2.5, a common standard created by the Object Management Group. UML consists of an integrated set of diagrams that helps users specify, visualize, construct and document software or business systems. MISMO has also created a set of user guidelines to help industry participants adopt and implement the LDM in their business processes.

Term Source: MISMO Governing Documents

Term Type: Data

Focus Area: #MISMOGOV

A logical, technology agnostic business focused representation of the MISMO Standards - essentially provides a business oriented point of entry to the LDM.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

A logical, technology agnostic representation of the MISMO standards - essentially a technology agnostic, logical, blueprint for the standards.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

A logical representation of the MISMO Standards created for a specific technology such as XML or JSON. The platform specific LDM can be used to forward engineer platform specific physical models such as the MISMO XML Reference Model or similar physical models for new technologies.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Loan Origination System. A piece of software that automates the end to end loan manufacturing cycle.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOApprovedAcronym