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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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eClosing

An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure environment(s) where one or more required closing documents are accessed, presented, and signed electronically.

Term Source: MISMO eMortgage Glossary

Term Type: Process

Focus Area: #eMortgageGlossary, #MBAGlossary

Perform eClosing

Process in which a mortgage loan is closed electronically through a secure environment in which closing documents are accessed, presented, and signed digitally.

Term Source: MISMO Life of Loan

Term Type: Process

Focus Area: #MISMOLifeOfLoan, #Origination

eMortgage

A mortgage loan where the closing documents -- through an eClosing process that includes, at a minimum, the Transferrable records -- are created, accessed, presented, executed, transferred and stored electronically.

Term Source: MISMO eMortgage Glossary

Term Type: Other

Focus Area: #eMortgageGlossary, #MBAGlossary

Hybrid Process or Hybrid eClosing Process

A signing process for documents in the mortgage industry in which certain documents are printed and signed on paper while other documents are signed electronically.

Term Source: MISMO eMortgage Glossary

Term Type: Process

Focus Area: #eMortgageGlossary

Digital Mortgage

A mortgage loan where the process of gathering borrower qualifying information is performed in an automated and streamlined fashion such as through a borrower portal. Some of the loan documents, such as the loan application, may be created, accessed, presented, executed, transferred and stored electronically. A digital mortgage may or may not result in an eClosing.

Term Source: MISMO eMortgage Glossary

Term Type: Process

Focus Area: #eMortgageGlossary

 

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