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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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Remote Online Notarization (RON)

Remote online notarization of electronic documents with use of multi-factor authentication.

Term Source: MISMO eMortgage Glossary

Term Type: Event

Focus Area: #eMortgageGlossary

Paper Remote Online Notarization (PRON)

Remote online notarization of paper documents (delivered via mail, courier, etc.) with use of multi-factor authentication.

Term Source: MISMO eMortgage Glossary

Term Type: Process

Focus Area: #eMortgageGlossary

Perform Remote Online Notarization

Process in which the Notary Public and the Borrower(s) sign and notarize documents electronically online without being in the same physical location.

Term Source: MISMO Life of Loan Business Process Model

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Remote Ink Notarization (RIN)

Remote notarization of paper documents via audio-video communication platform (Skype, Facetime, etc.)

Term Source: MISMO eMortgage Glossary

Term Type: Event

Focus Area: #eMortgageGlossary

Remote Online Notarization

A Notarial Act performed by means of an electronic device or process that allows a notary public and a Principal, who is not in the same physical location as the notary public, to complete a Notarial Act and communicate with each other simultaneously by sight and sound.

Term Source: MISMO Life of Loan Business Process Model

Term Type: Process

Focus Area: #eMortgageGlossary, #Origination

Electronic Online Transactions (EOLT)

Electronic Online Transactions.

Term Source: MBA Business Glossary

Term Type: Other

Focus Area: #MBAGlossary

Closing Event Online Indicator

When true, indicates that the signer will use an internet based or online system to execute the documents.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Perform Electronic Notarization

Process in which the Notary Public and the Borrower(s) sign and notarize documents electronically while being in the same physical location.

Term Source: MISMO Life of Loan Business Process Model

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

In Person Electronic Notarization

A notarial act in which documents are notarized in electronic form in the physical presence of the notary.

Term Source: MISMO eMortgage Glossary

Term Type: Process

Focus Area: #eMortgageGlossary

Online Portal Assigned Identifier

A unique alphanumeric string identifying an issue as assigned by the sponsor of an Online Portal to a communication event. Also known as a tracking number.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Traditional Wet Ink Notarization (TWIN)

A notarial act in which paper documents are notarized in wet ink in the physical presence of the notary.

Term Source: MISMO eMortgage Glossary

Term Type: Event

Focus Area: #eMortgageGlossary

Online Portal Host Type

A value from a MISMO prescribed list that represents the sponsor of an online functionality used for interaction and or transmission of data between parties in a uniform manner.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Online Portal Host Type Other Description

A free-form text field used to capture the enumeration when Other is selected for Online Portal Host Type.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Data

Focus Area: #LDD

Perform Paper Closing and Notarization

Process in which the Notary Public joins the Borrower(s) physically in the same location to execute ('wet' sign) and notarize documents using pen, paper, and where applicable, a notary stamp.

Term Source: MISMO Life of Loan Business Process Model

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

Affidavit

A sworn statement in writing, usually requiring notarization.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

eNotarization

Any notarial act performed electronically, that a notarial officer may perform under state law.

Term Source: MISMO eMortgage Glossary

Term Type: Event

Focus Area: #eMortgageGlossary

Open Financial Exchange (OFX)

Open Financial Exchange - a financial data mark- up language to facilitate online data exchanges between businesses, consumers and financial institutions.

Term Source: MBA Business Glossary

Term Type: Actor

Focus Area: #MBAGlossary

Non-Repudiation

The combination of identity and integrity to circumvent claims of denial of having been party to and accepting the terms of an online transaction after the transaction has been conducted.

Term Source: MBA Business Glossary

Term Type: Event

Focus Area: #MBAGlossary

Electronic Seal

Information within a notarized electronic record that confirms the notary public's name, jurisdiction, identifying number, and commission expiration date and generally corresponds to information in notary seals used on paper documents.

Term Source: MISMO eMortgage Glossary

Term Type: Other

Focus Area: #eMortgageGlossary

Recording

The filing of documents or details of a legal document to make them a matter of public record. Usually requires the witnessing and notarizing of the document or instrument to be recorded.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

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