Home / Standards & Resources / Business Glossary / Business Glossary-Term List

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"). 

Return to full Term List                                                                                           Download Business Glossary
                                                                                                                                                   (MISMO Members)

2004 End-User License IPR Policy

2004 End-User License Applies to all MISMO Products (standards and collateral) issued prior to January 1, 2018. This license is automatically granted when an organization downloads any MISMO Product (MISMO standards or collateral) with an issue date through December 31, 2017.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 Distributor License

2018 Distributor License - Applies to all MISMO Products issued on or after January 1, 2018. The Distributor License is appropriate for organizations that develop technology that incorporates MISMO Products and makes that technology available to customers or external partners

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

2018 End-User License

2018 End-User License - Applies to all MISMO Products issued on or after January 1, 2018. The 2018 End-User License is appropriate for organizations that download MISMO Products or develop technology that incorporates MISMO Products released after December 31, 2017, where the MISMO Products are used for internal company use when the organization does not make the MISMO products available to customers or external partners.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOGOV

203K Borrower Acknowledgment

Borrower acknowledgement that they will conform with the requirements laid out by HUD for a 203(k) Rehabilitation Loan.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

203K Borrower Identity Of Interest Certification

Certification that the borrower does not have an identity-of-interest with the seller of the property and does not have a conflict of interest with any other party to the transaction, including the realtor, lender, contractor, consultant, and/or the appraiser. In addition, certifying that the borrower is not obtaining any source of funds or acting as a 'strawbuyer' for another individual, partnership, company, or investment club.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

203K Consultant Identity Of Interest Statement

Certification letter completed by all consultants and plan reviewers who are required to sign the following certification after preparing/reviewing the work write-up and cost estimate. The signer certifies that all items requiring correction and that the rehabilitation proposal now meets all HUD requirements for 203(k) Rehabilitation Mortgage Insurance.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

203K Consultant Report

Describes the work that needs to be done to bring the house to FHA standards.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

203K Cost Estimates

Breakdown of the costs, by line item, associated with the work to be conducted in the rehabilitation of the property.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

203K Draw Request

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector. Form HUD-9746-A

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

203K Homeowner Acknowledgment

Confirms the final bid amount for the project and the time frame for completion. A contract between the homeowner and the contractor.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

203K Initial Draw Request

Provides information required to release funds based on work in place. Must be signed by contractor, borrower and inspector.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Servicing

203K Maximum Mortgage Worksheet

Determines Maximum amount for 203K Mortgage based on the loan amount; closing costs; sales price (if purchase) and work to be performed. Provided to the Lender.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

203K Rehabilitation Agreement

Establishes the terms and conditions of the 203K loan program works and describes the guidelines that will be followed in administering funds.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Servicing

A Credit Mortgages

Mortgages which generally meet the credit underwriting guidelines of Fannie Mae, Freddie Mac, FHA, VA or major jumbo purchasers. Those who have credit ratings or other qualification deficiencies would be rated as B, C or D credit.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

A-Pieces

Refers to security classes (tranches) rated as investment grade for institutional investors; can also include the class rated BBB, as that is considered an investment grade for most regulated institutions; also called senior pieces.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

Abstract Notice Agreement

Establishes that the lender will not be responsible for replacing the abstract.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #Commercial, #LDD

Abstract Of Judgment

Derived from a Judgment; contains only the details of a court action that relate to fulfilling the court order.

Term Source: MISMO Logical Data Dictionary (LDD)

Term Type: Document

Focus Area: #LDD, #Origination

Abstract Of Title

A written history of ownership of a parcel of land, summarizing the material parts of any occurrence affecting title of said land.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

Acceleration Clause

A common provision of a mortgage which allows the holder to demand the entire outstanding mortgage balance due and payable in the event of a breach of the mortgage contract.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

Acceptance Letter

A document signed by a construction loan borrower stating that all work is complete and of acceptable quality.

Term Source: MBA Business Glossary

Term Type: Document

Focus Area: #MBAGlossary

 

AUTHORIZED USAGE: All usage of this product is dictated by the terms and conditions within the MISMO 2018 Intellectual Property Rights (IPR) Policy For more information, please see complete Authorized Usage / Patent Disclosure Request or contact [email protected].