|
Mismo
The Mortgage Industry Standards Maintenance Organization (MISMO) is a not-for-profit, wholly owned subsidiary of the Mortgage Bankers Association (MBA) responsible for developing standards for exchanging information and conducting business in the U.S. mortgage finance industry. It has more than 175 member organizations representing a cross-section of the residential and commercial mortgage industries. MISMO standards are accepted and deployed by almost every entity involved in creating or regulating mortgages in the United States, including banks, credit unions, mortgage lenders, Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Administration and the Consumer Financial Protection Bureau, in addition to settlement services providers, real estate appraisers and other third parties. Use of MISMO standards has been found to lower per-loan costs, improve profit margins, reduce errors and speed up the loan process by reducing manual, paper-based processes and creating cost savings ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Bankers Association
The Mortgage Bankers Association (MBA) is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, D.C., MBA represents over 2,200 member companies. MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, underwriters, compliance personnel and information technology professionals representing mortgage companies in the residential, commercial and multi-family arenas. During the subprime mortgage crisis of 2008, the MBA's membership fell from 3,000 to 2,500. Its current membership is 2,200. MBA is headed by Robert Broeksmit, president and chief executive officer. Rodrigo Lopez, executive chairman of NorthMarq Capital, is MBA's chairman for 2017. Lobbying The Mortgage Bankers Association has a political action committee called Mortgage Bankers Association Political Action Committee (MORPAC). MORPAC raises money to help elect and re-elect candidates to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ENotes
eNotes was a free student and teacher educational website founded in 1998 by Brad Satoris and Alexander Bloomingdale, that provides material to help students complete homework assignments and study for exams. Based in Seattle, Washington, eNotes specializes in lesson plans, study guides and literary criticisms. It also hosts an active homework help portal where students can ask educators academic questions. The Homework Help section has hundreds of thousands of questions with answers. The website's material mainly focuses on literature and history, though the company offers a variety of different topics within the humanities. A network of over 1,000 teachers and professors contributes much of the content. It is different from other online subscription education services in that an in-house publishing team edits uploaded works mainly for grammar and formatting. With its subscription model, the company bootstrapped its way to profitability and claims about 750 new sign-ups on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Land Title Association
The American Land Title Association (ALTA), founded in 1907, is the national trade association representing more than 6,400 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA's headquarters is located in Washington, D.C. ALTA founded the Coalition to Stop Real Estate Wire Fraud in 2019. Overview ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ... lenders against losses from defects in titles. Governance The 11-member ALTA Board of Governors is responsible for creating association strategic priorities, managing the financial health of the association and overseeing the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Appraisal Institute
The Appraisal Institute (AI), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Residential Appraisers merged. The AIREA and the Society were respectively founded in 1932 and 1935. Real estate appraisal emerged as a profession at this point in response to the crash of home values as a result of the Great Depression, building on the intellectual frameworks developed over the course of the 1920s by land value theorists like Ernest McKinley Fisher, Frederick Babcock, Homer Hoyt, and Richard T. Ely. As of February 2007, the Appraisal Institute has more than 21,000 members and 99 chapters throughout the United States, Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Settlement Procedures Act
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, . The main objective was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and others involved in mortgage lending to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit potentially abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts. History RESPA was enacted in 1974 and was originally administered by the Department of Housing and Urban Development (HUD). In 2011, the Consumer Financial Protection Bureau (CFPB), created under the provisions of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TILA
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of and certain "higher-priced" mortgage loans (HPMLs) that are subject to the requirements of . The regulation prohibits certain acts or practice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Mortgage Disclosure Act
The Home Mortgage Disclosure Act (or HMDA, pronounced ) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. Congress enacted HMDA in 1975. Purposes HMDA grew out of public concern over credit shortages in certain urban neighborhoods. Congress believed that some financial institutions had contributed to the decline of some geographic areas by their failure to provide adequate home financing to qualified applicants on reasonable terms and conditions. Thus, one purpose of HMDA and Regulation C is to provide the public with information that will help show whether financial institutions are serving the housing credit needs of the neighborhoods and communities in which they are located. A second purpose is to aid public officials in targeting public investments from the private sector to areas where they are needed. Finally, the FIRREA amendments of 1989 require the collection and disclosure of data about applicant and bor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blockchain
A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called ''blocks'', that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves). The timestamp proves that the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a ''chain'' (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. Blockchains are typically managed by a peer-to-peer (P2P) computer network for use as a public distributed ledger, where nodes collectively adhere to a conse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or "thrifts"). Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. In 2022, Fannie Mae was ranked number 33 on the ''Fortune'' 500 rankings of the largest United States corporations by total revenue. __TOC__ History Background and early decades Historically, most housing loans in the early 1900s in the United States we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Group
A working group, or working party, is a group of experts working together to achieve specified goals. The groups are domain-specific and focus on discussion or activity around a specific subject area. The term can sometimes refer to an interdisciplinary collaboration of researchers working on new activities that would be difficult to sustain under traditional funding mechanisms (e.g., federal agencies). The lifespan of a working group can last anywhere between a few months and several years. Such groups have the tendency to develop a ''quasi-permanent existence'' when the assigned task is accomplished; hence the need to disband (or phase out) the working group when it has achieved its goal(s). A working group's performance is made up of the individual results of all its individual members. A team's performance is made up of both individual results and collective results. In large organisations, working groups are prevalent, and the focus is always on individual goals, performan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Servicer
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. The duties of a mortgage servicer vary, but typically include the acceptance and recording of mortgage payments; calculating variable interest rates on adjustable rate loans; payment of taxes and insurance from borrower escrow accounts; negotiations of workouts and modifications of mortgage upon default; and conducting or supervising the foreclosure process when necessary. Many borrowers confuse their mortgage servicer with their lender. A mortgage servicer may be a borrower's lender, but often the beneficial rights to the payment of principal and interest on mortgages are sold to investors such as Fannie Mae, Freddie Mac, Ginnie Mae, FHA, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
