Business Glossary-Term List

Money owed by a business to suppliers of goods or services. Accounts payable are considered current liabilities on the balance sheet.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

Money owed to a business for goods or services provided to customers. Accounts receivable are classified as current assets on the balance sheet, with a contra account for bad debts on receivables.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

An accredited credential service provider within the domain of the SISAC.

Term Source: MBA Glossary

Term Type: Actor

Focus Area: #MBAGlossary

A build up of land by natural forces, such as wind, waves or the flow of water.

Term Source: MBA Glossary

Term Type: Other

Focus Area: #MBAGlossary

An accounting method under which income and expenses are charged to the periods for which they are applicable, rather than when payment is made or received. In contrast, cash accounting is the method calling for income and expenses to be based on payment being made or received.

Term Source: MBA Glossary

Term Type: Process

Focus Area: #MBAGlossary

A bond on which the interest accrues, but is not paid to the investor during the period of accrual. Instead, the amount accrued is added to the principal balance and is paid at maturity. Also called accretion bonds or Z-bonds.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Interest earned for the period of time elapsed since interest was last paid.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

The 9 digit routing and transit number for the bank from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

The account type from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Dollar amount beyond the normal PITI that is be drafted and applied to the escrow account.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Dollar amount beyond the normal PITI that is be drafted and applied to reduce the principal of the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

The number identifying the account from which the payment is drafted.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Identifies the purpose of the account where the payment or refund is drafted.

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 ACH Bank Account Purpose Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Establishes a direct debit from a borrowers account for loan or escrow payment. AKA: ACH.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

The number of days past the payment due date that payment drafting is scheduled to occur. Payment due date plus ACH Draft Days after Due Date equals draft date.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A value from a MISMO defined list that indicates how frequently the servicer drafts the scheduled mortgage payment from the account of the borrower.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

A free-form text field used to provide a supplemental comment or remark regarding the ACH Draft Frequency Type.

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 ACH Draft Frequency Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Identifies who is drafting the payment on the loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD