Business Glossary-Term List

This document has been adopted by the MISMO Board of Directors (�Board�) to govern the activities of the organization. The Policies and Procedures (P&Ps) defined in this document address all activities of the organization. The detailed procedures for the development of the MISMO Products are defined in separate documents. AKA: P&Ps.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

A brief statement describing the purpose and scope of a specific development effort.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOGOV

The Reference Model in is an abstract framework or domain-specific ontology consisting of an interlinked set of clearly defined concepts produced by an expert or body of experts in order to encourage clear communication. A Reference Model can represent the component parts of any consistent idea, from business functions to system components, as long as it represents a complete set. This frame of reference can then be used to communicate ideas clearly among members of the same community.

Term Source: MISMO Governing Documents

Term Type: Data

Focus Area: #MISMOGOV

Technology specific physical implementation of the MISMO Platform Independent Logical Data Model. Most likely created as a derivative from a Platform Specific LDM. Represents a technical organization of information including data and documentation needed to support mortgage industry business processes. The Reference Model includes implementation specific schema and a Logical Data Dictionary.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

The XML Reference Model is an industry standard organization of information, including data and documentation, needed to conduct a real estate transaction. It includes the MISMO XML Logical Data Dictionary, an XML Schema representation of data and relationships, and other supporting material

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Organizations are defined as �Related Entities� if: 1. One directly or indirectly controls or is controlled by the other, or 2. One is under direct or indirect common control with the other.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Notes associated with a release/publication of a Standard that identifies variances or information related to the release.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Focused on real estate finance transactions related to the origination, sale, and servicing of one-to-four unit single family dwellings.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOGOV

A organization who agreed to grant, or who has been deemed to have agreed to grant, the Royalty-Free Patent License (as defined in the IPR Policy) with respect to this MISMO Product pursuant to MISMO�s IPR Policy, a copy of which is available for reference at www.mismo.org.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

The Residential Standards Governance Committee and the Commercial Standards Governance Committee work in concert with the MISMO Officers and the MISMO Manager and other MISMO committees and report to the MISMO Board of Directors.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Comprehensive set of products and documents to facilitate implementation of specific regulations or requirements.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

The employee of a Member who receives all MISMO communications and votes on behalf of the Member on all MISMO matters.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

Work Groups (WGs) and Communities of Practice (COP) conduct MISMO�s product development work. Composition, operations, functions, and activities of the WG/COPs are defined in the MISMO Development Process Document (DPD)5: Separate DPDs exist for Residential and Commercial product development. Work Group and Community of Practice participants need not be affiliated with MISMO Members.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Results of topical discussions of interest to the mortgage industry published by MISMO.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

Work in Progress. Any MISMO Standard or MISMO Collateral that is in the development process including a standard or collateral that has been sent to the public for comment.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOApprovedAcronym

Development Process Document Only: As used in this document, �Work Group� refers to all of the volunteer industry working groups that develop MISMO Products including AWG, IM, DWG, COP. NOTE: Contrary to its use throughout the P&Ps, the term Work Group, when used to refer to the Work Group License, encompasses all MISMO groups: the Board, GCs, WGs, and any other subgroups or committees Policies and Procedures Only: As used in the Policies and Procedures, �Work Group� refers to the contributor industry and development work groups that develop MISMO Work Products.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOGOV

A brief statement describing a DWG�s or Community of Practice�s purpose and scope.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV