Business Glossary-Term List

Ability to Repay (ATR) requires that a lender make a reasonable, good-faith determination before or when consummating a mortgage loan that the consumer has a reasonable ability to repay the loan, considering such factors as the consumer�s income or assets and employment status

Term Source: MISMO Life of Loan

Term Type: Other

Focus Area: #MISMOLifeOfLoan, #Origination

When true, indicates the purpose of the extension of credit exempts the transaction from Regulation Z requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the creditor organization type exempts the transaction from Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Creditor Organization Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the Loan Program that exempts the transaction from Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Loan Program Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the reason that transaction is exempt from Regulation Z Ability-To-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD

A free-form text field used to collect additional information when Other is selected for Ability To Repay Exemption Reason Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

The ratio of all debt payments of the borrowers, including proposed housing expenses, to the qualifying income of the borrowers (back-end ratio) based on the note interest rate.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Specifies the method by which the creditor satisfied Regulation Z Ability-to-Repay requirements.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanApplication, #MISMO3.4_iLAD, #Origination

A value from a MISMO defined list that identifies how a loan is designated under TILA/Regulation Z.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to collect additional information when Other is selected as the Ability to Repay Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A unique value that represents a user defined version identifier.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #ClosingDisclosure, #LDD, #LoanDelivery, #MISMO3.4_iLAD

Indicates the room is above grade and can be included in GLA.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

When a mortgage is sold for more than its face value because it has an above market interest rate. For example, a $100,000 mortgage may be sold for 101.00, or $101,000.

Term Source: MBA Glossary

Term Type: Other

Focus Area: #MBAGlossary

The part of a Web page that is visible once the page has loaded � normally the top part. This term is pertinent to the electronic mortgage world as E-sign requires the presentation of documents to be compliant with state statutes that govern font, pagination, format etc.

Term Source: MBA Glossary

Term Type: Other

Focus Area: #MBAGlossary

Ownership of property (usually income producing) by a non-occupant who employs others to manage and maintain the property.

Term Source: MBA Glossary

Term Type: Other

Focus Area: #MBAGlossary

The level of property units rented or sold after which price concessions must be made for market demand to continue at current levels. Used to determine the feasibility of new residential or commercial construction.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

The rate at which vacant space is either leased or sold to users in the market place. Absorption rate is usually expressed in square feet per year or, in the case of multifamily housing, number of units per year.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

A unique number (or alpha-numeric designator) assigned to a land Title Abstract document (i.e.: a sequential collection of documents relating to a specific parcel of land). The boundaries of a parcel of real property is determined from the information contained in the Title Abstract document.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD