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:When true, indicates that a loan is enrolled in Automatic Clearing House (ACH) payment drafting.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The abbreviated name of the depository institution assigned by the Federal Reserve.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Identifies the date on which automated drafting is scheduled to begin.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The subaccount name for the receiver of the wire.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Indicates if the ACH information is current or pending.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
The dollar amount of funds being transferred by the wire.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
A formal declaration attached to or part of an instrument, made before a duly authorized officer (usually a notary public) by the person who has executed that instrument, the execution being a free act and deed.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
Confirms that a borrower has received and understands the Notice Of Right To Cancel document. Sometimes contained with the Notice Of Right To Cancel document.
Term Source: LDD Document
Term Type: Document
Focus Area: #LDD, #Origination
A form utilized by the insurance industry for use between an Agency and a Company for Organization, Research and Development.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A loan for the purchase and preparation of raw land for development. Usually a construction loan or land sale is the source of repayment.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
In a HUD/FHA transaction, the price the borrower paid for the property plus any of the following costs: closing, repairs or financing (except discounts in other than a refinance transaction). Does not include prepaid discounts in a purchase transaction, mortgage insurance premiums or similar add-ons.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
A document evidencing payment in full of a debt obligation. One example would be a satisfaction of mortgage.
Term Source: MBA Glossary
Term Type: Document
Focus Area: #MBAGlossary
A unit of measure for land, 43,560 square feet.
Term Source: MBA Glossary
Term Type: Data
Focus Area: #MBAGlossary
An event which causes damage by nature such as a flood, earthquake or winds; an occurrence which was not caused by man.
Term Source: MBA Glossary
Term Type: Other
Focus Area: #MBAGlossary
A court action to remove any interest or claim in or title to real property; to remove a cloud on title.
Term Source: MBA Glossary
Term Type: Process
Focus Area: #MBAGlossary
Process in which the Lender notifies the MI Company that the loan has closed and that the MI is requested to be activated.
Term Source: MISMO Life of Loan
Term Type: Process
Focus Area: #MISMOLifeOfLoan, #Origination
When true, indicates that the loan is actively in the foreclosure process.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
When true, indicates that the loan is subject to active litigation.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
When true indicates that a loan is currently part of a transfer of servicing rights.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
Specifies the date of the document status for an active workout.
Term Source: MISMO Logical Data Dictionary (LDD)
Term Type: Data
Focus Area: #LDD
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