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:A value from a MISMO prescribed list which represents the governmental agency for which the appraiser has been approved to conduct the appraisal.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
A free-form text field that specifies the enumeration when the value of Other is used for Agency Appraiser Identifier Type.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Describes the federal, state, or local agency program under which the loan is originated.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Securities issued by government or quasi-government agencies such as Fannie Mae and Freddie Mac.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
One who legally represents another, called a principal, from whom express or implied authority has been derived.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
The dollar amount of the gross premium that is retained by the agent issuing policy.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
When true, indicates that the Settlement Agency employing this Settlement Agent has an affiliated relationship with the Title Company.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
When true, indicates the Settlement Agent was found in the Title Company database.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
When true, indicates that the Settlement Agent is authorized to close the transaction described in the Agent Validation Request message.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
An accounting method a servicer uses in conducting an escrow account analysis by computing the sufficiency of escrow account funds by analyzing the account as a whole.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A provision whereby the policyholder agrees to self-assume the payment of claims incurred up to a specific amount or limit, with the insurer paying all claims after such limit is attached.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A provision which limits the maximum liability of an insurer for losses in a given time period (usually 12 months). Policy limits are usually expressed in maximums per accident (or occurrence), with an aggregate for all losses in any one year.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The total amount of principal that has been paid from origination to date over and above the scheduled principal amount.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD, #LoanDelivery
The accounting method wherein a servicer computes the sufficiency of the escrow funds by analyzing the account as a whole.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
An agreement whereby the coinsurance clause is waived if the insured agrees to carry a specific amount of insurance which represents at least 90% to 100% of total values at risk. Also known as "stated amount coinsurance."
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An insurance endorsement used with a policy containing a coinsurance clause. It binds the insurance company to an agreement that the amount of insurance carried under the policy is sufficient to meet the requirements of the coinsurance clause in the policy. Addition of the agreed amount endorsement eliminates the risk of the coinsurance penalty.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A contract for the sale of property in which transfer of title to the buyer is contingent on the fulfillment of certain conditions.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A written document in which the purchaser agrees to buy certain real estate or personal property and the seller agrees to sell under stated conditions. Also called a sales contract, binder or earnest money contract.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
The ownership of the right to use, control or occupy the air space over a designated property, without the right to use the land surface.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
The space above the surface of land that is owned by the landowner and that may be divided and sold or leased to others.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
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