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:Process of collecting and confirming data both internally and with third parties that will be used to produce a Closing Disclosure (CD) for the Borrower and the Uniform Closing Dataset (UCD) for GSE delivery.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of obtaining Loan Application information from the Borrower(s).
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process of collecting loan-level data required for HMDA reporting, typically from multiple systems, depending on the Lender's or Servicer's business model.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination, #Servicing
Process of collaborating with appropriate parties to retrieve outstanding documents required for loan servicing.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of completing the Loan Application information regarding the property, the Borrower(s), and the requested loan.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of validating the information contained on the loan application and other Borrower and property details required to decision the application.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Documentation or information that must exist (""be satisfied"") at or before a point in the origination process, such as Prior to Closing, Prior to Funding, etc. Common conditions include proof of mortgage insurance (when applicable), proof of homeowners insurance, and requests for additional documentation.
Term Source: MISMO Life of Loan
Term Type: Other
Focus Area: #MISMOLifeOfLoan, #Origination
Process of reviewing the loan approval's expiration dates and the expiration of documents associated with the underwriting approval.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
The process in which the consumer considers the flood risk of a property.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan
The processes that could occur prior to the consumer starting the mortgage application process.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan
The process of removing a loan from the records of a investor - sometimes a loan is reclassified from a pool or security ahead of foreclosure and being fully removed from the Investor's books. Some portion of interim Investor accounting changes may have occurred earlier in the default management process based on the servicing agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
The process of sending billing statements, payment schedules or payment coupons.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process in which the Lender creates the eNote and makes it available to the system used at closing
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of creating the RMBS Rating dataset to deliver to a third party for validation and subsequent delivery to Rating Agencies.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Servicing
Process of delivering an accurate Closing Disclosure (CD) to the Borrower via mail, electronically, or in person.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of securely delivering the closing documents package electronically, or as an exception in paper, to the Settlement Agent.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of delivering data from the loan origination system to the document preparation system when disparate systems are used to generate the closing documents package.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of delivering collateral documents to a Warehouse Bank (or its Document Custodian) to secure interim financing until the mortgage is sold to a permanent investor.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of delivering (pre-closing) an accurate and timely Closing Disclosure (CD) to the Borrower via mail, electronically, or in person meeting regulatory requirements.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
Process of transmitting mortgage loan data from the Loan Seller to the Purchaser or Guarantor to meet the contractual obligations of the purchase or guaranty agreement.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
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