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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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ACH Indicator

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

ACH Institution Telegraphic Abbreviation Name

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

ACH Pending Draft Effective Date

Identifies the date on which automated drafting is scheduled to begin.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Receiver Subaccount Name

The subaccount name for the receiver of the wire.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Type

Indicates if the ACH information is current or pending.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

ACH Wire Amount

The dollar amount of funds being transferred by the wire.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Acknowledgement

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

Acknowledgment Of Notice Of Right To Cancel

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

Acord Form

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

Acquisition And Development Loan (A and D Loan)

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

Acquisition Cost

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

Acquittance

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

Acre

A unit of measure for land, 43,560 square feet.

Term Source: MBA Glossary

Term Type: Data

Focus Area: #MBAGlossary

Act Of God

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

Action To Quiet Title

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

Activate MI

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

Active Foreclosure Indicator

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

Active Litigation Indicator

When true, indicates that the loan is subject to active litigation.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Active Servicing Transfer Indicator

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

Active Workout Document Status Date

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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