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:Establishes that the lender will not be responsible for replacing the abstract.
Term Source: LDD Document
Term Type: Document
Focus Area: #Commercial, #LDD
Derived from a Judgment; contains only the details of a court action that relate to fulfilling the court order.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A written history of ownership of a parcel of land, summarizing the material parts of any occurrence affecting title of said land.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Method for computing depreciation by comparing the replacement cost of the improvements to the sales price less land value.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Part of the Economic Recovery Act of 1981, an accounting method which allows for a shorter depreciation period for real property over traditional depreciation methods.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A method of calculating depreciation in which a larger portion of depreciation is charged in early years than in later years.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
Indicates that mortgagor participates in some sort of accelerated principal re-payment program which may be administered by a third party.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
An option available to Freddie Mac�s sellers and servicers which allows the lender to decrease the guarantee fee due Freddie Mac in return for shortening the monthly remittance delay by paying principal and interest payments early.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A common provision of a mortgage which allows the holder to demand the entire outstanding mortgage balance due and payable in the event of a breach of the mortgage contract.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
An instruction as to the signing methods that are acceptable for this document. It does not reflect a document instance state.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
An offeree�s consent to enter into a contract and be bound by the terms of the offer.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
A document signed by a construction loan borrower stating that all work is complete and of acceptable quality.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A right to ingress and egress from one�s property; may be implied or expressed.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Title to property is gained through its addition to the owner�s existing real estate and can apply to both land and improvements.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Describes the number of accessory units associated with the structure.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
An unplanned, unexpected and undesigned event which occurs suddenly at a definite place. Also see OCCURRENCE.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A portion of the amount paid by a borrower for mortgage insurance that ensures the continuance of mortgage payments in the event of a mortgagor�s disability or illness.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
A promissory note or other negotiable instrument signed by a third party (accommodation party) guaranteeing the repayment of a loan.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A person who lends his name to guarantee a loan for another by signing a promissory note, bill or other negotiable instrument; the endorser becomes the guarantor of the loan and is therefore responsible for its repayment.
Term Source: MBA Glossary
Term Type: Actor
Focus Area: #MBAGlossary
When true, indicates the user requested an account transcript which contains information about the financial status, penalties, and adjustments. Used on the IRS Form 4506T and 4506-C.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
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