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").
Return to full Term List
Download Business Glossary
(MISMO Members)
Refine Results
Search on:The sales price of a comparable property after it has been adjusted to reflect the differences between the comparable property and the subject property.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The dollar amount of a bedroom determined by dividing the adjusted sales price by the total bedrooms in all living units (including any accessory dwelling units).
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The dollar value of a room determined by dividing the adjusted sales price by the number of rooms in a property.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The dollar amount of a living unit determined by dividing the adjusted sales price by the number of living units (including any accessory dwelling units).
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The effective payment due date of the Interest Rate, principal and interest Payment or Service Fee Change.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The index value used to calculate the interest rate percent for this adjustment.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #MISMO3.4_iLAD
The calculated or pre-determined interest rate percent that will be effective on the Adjustment Change Effective Due Date.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The total number of months after which the loan will mature following an extension. When the term of a loan can be extended rather than increasing the principal and interest payment, this is the new term of the loan including any extension.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The new rate, expressed as a percent, at which the Servicer passes through interest on the loan to the investor. It can be computed using either a top-down formula: Loan Interest Rate - Servicing Fee Rate - Excess Yield Rate -Lender Guaranty Fee Rate, or a bottom-up formula: Index Rate + Net (a.k.a. Required) Margin Rate + Investor Guaranty Fee Rate + Yield Excess/Deficit Rate, and then applying any caps that are in effect.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Indicates the reason for the Interest Rate, principal and interest Payment or Service Fee change on an existing mortgage loan.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
A free-form text field used to capture the Adjustment Change Occurrence type if Other is selected.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The dollar amount of the principal and interest payment associated with the Adjustment Change Effective Due Date.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The projected principal balance amortized to the date for which interest rate, principal and interest payment, or convertible calculations were performed.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The recalculated fixed dollar amount that is paid to the servicer by the investor for servicing the mortgage if a service fee percent is not expressed.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The recalculated percentage of interest collected that is paid to the servicer by the investor for servicing the mortgage (gross).
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
On an adjustable rate mortgage (ARM), the interval of time between changes in the interest rate or monthly payment, typically one, three or five years, depending on the index.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The length of time which dictates interest rate adjustments on an adjustable rate mortgage. A six-month ARM would have an adjustment every six months.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
The amount that the interest rate is allowed to increase or decrease at the time of adjustment of an adjustable rate mortgage. A one year adjustable would have an annual cap, since the adjustment period is every year.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
Specifies whether the occurrence of the adjustment is the first change or a subsequent change.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #LoanDelivery, #MISMO3.4_iLAD
The process of setting up and managing fee names, fee amounts and other rules for use in systems.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan
AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy. For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].