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eMortgage Glossary

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MISMO® eMortgage Glossary

Document Status Final

Document Date May 5, 2016

Editors Rachael Sokolowski, Magnolia Technologies, [email protected]

Contributors

Nancy Alley, Simplifile Marc Aronson, Pennsylvania Association of Notaries Jim Cooper, Freddie Mac Charlie Epperson, Signiadocs Harry Gardner, Docutech Mike Gordon, Freddie Mac Bill Hultman, , MERSCORP Holdings Inc. Katie Paolangeli, MERSCORP Holdings Inc. Jennifer Parker, Fannie Mae Raj Penugonda, Freddie Mac Nancy Pratt, Pavaso (WG chair) Rachael Sokolowski, Magnolia Technologies, LLC (WG chair)

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http://www.mismo.org/AboutMISMO/PoliciesandProcedures.htm

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The following defined terms are intended to provide a general vocabulary for eMortgages. The terms below are not intended to modify, alter, amend, supplement, nullify, or supersede the legal meaning of these same terms under the Electronic Signatures in Global and National Commerce Act (E-SIGN) and the Uniform Electronic Transactions Act (UETA), as may be amended from time to time, or other applicable law. Terms that are specific to MERS® eRegistry are cross-referenced to the glossary in the MERS® eRegistry Procedures Manual available at members.mersinc.org. The terms provide a general vocabulary for communication amongst MERSCORP Holdings and Members of the MERS® System in connection with their use of the MERS® eRegistry. The terms below are not intended to modify, alter, amend, supplement, nullify, or supersede the meaning of these same terms defined by MERSCORP Holdings. Terms that are specific to the MISMO® Reference Model and are defined in the Logical Data Dictionary are not included in this glossary. Please refer to http://mismo.org/Specifications/ResidentialSpecifications.htm.

Term Definition

Alteration A change to the terms or conditions of a document and/or change in the variable information added to the Record or Electronic Record, after it is signed; or if it is not required to be signed, after it is delivered.

Asymmetric Cryptography

Public Key Infrastructure term. A process that uses two different but mathematically related keys; one for creating a digital signature or decrypting data, and another key for verifying a Digital Signature or encrypting data. For either key of the Key Pair, it should be computationally infeasible to calculate the complementary key of that pair.

Attribution A process of linking an Electronic Signature to the individual or legal entity previously authenticated.

Authentication A process of confirming an identity of an individual or legal entity, either in connection with the creation of a relationship or in connection with the individual’s or the legal entity’s participation in a transaction.

Authoritative Copy (AC) The copy of a Transferable Record that is identified by the Controller, stored in an eNote Vault and evidenced by the System of Record as the single, unique, identifiable and legally controlling copy.

In the mortgage industry today, it is the copy of the Transferable Record (eNote), which is stored in an eNote Vault and registered on the MERS® eRegistry.

This term is also defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org.

Certificate Authority or Issuing Authority

A trusted third-party organization or company that issues, manages, renews, and revokes Digital Certificates used to create Digital Signatures. The Certificate Authority registers the certificate holder’s name and address and allows others to see if the certificate is valid, revoked, or expired. The third-party certificate authority also has the ability to confirm the identity of the certificate holder.


http://mismo.org/Specifications/ResidentialSpecifications.htm

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Check Digit or Checksum

A number added to another number or code to detect errors. It is derived by calculating a value specific to the number or code. The integrity of the number or code may be verified by re-computing the check digit and comparing it with the included one. If the check digits match, the identifier was not altered.

Consumer A person defined as a consumer under the federal E-SIGN Act. In the mortgage industry this party has historically been known as the borrower; however, E-SIGN legislation referring to the term “consumer” actually references “an individual who obtains, through a transaction, products or services which are used primarily for personal, family, or household purposes,” which could include borrowers and sellers for the purpose of consent and disclosure.

Control The party having Control of a Transferable Record (eNote) has the same rights and defenses as a holder of a Negotiable Instrument, typically by having possession of an original paper note (endorsed in blank or specially endorsed to the holder). While a holder of a Negotiable Instrument or a party in Control of a Transferable Record may be the owner of the indebtedness, it can be another party acting as agent for the owner of the indebtedness for a particular purpose (e.g., a servicer for the purpose of foreclosing).


Controller The Party (entity) named on the System of Record that has Control of the eNote. For example, the Controller can be thought of as the “holder,” “holder in due course,” and/or “purchaser” of an original paper note as defined under the Uniform Commercial Code.


Controller Delegatee for Transfer Model

The Controller Delegatee for Transfer Model is used to allow one party to submit registration and transfers on behalf of another party on the MERS® eRegistry.


Certificate Revocation List (CRL)

Public Key Infrastructure term. A list of Digital Certificates that are revoked. CRLs are an important part of Public Key Infrastructure, as they validate that the certificate used by the Digital Signature on an Electronic Record has not been revoked and may be trusted.


Delegatee for Transfers (DT)

A Member of the MERS® eRegistry that is authorized by the Controller to perform certain MERS® eRegistry transactions on the Controller’s behalf. The DT can initiate registrations and transfers of Control, but may not initiate change status transactions, or change data transactions except to remove themselves as DT.


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Digital Certificate An electronic file that contains the Public Key, the name of the certificate holder (which may be either a person or a system name), and a date range during which the certificate can be considered valid as well as the Digital Signature of a Certificate Authority for Authentication, which provides assurance that the Public Key belongs to the entity to which the certificate was issued. A Digital Certificate may also be referred to as a Public Key Certificate.

Digital Signature A form of an Electronic Signature that is the result of calculating a Hash Value and encrypting with a Private Key and attaching to an Electronic Record so that, at a later date, there can be verification that the original content of the Electronic Record has not changed. A Digital Signature can also provide evidence of the authenticity of the Electronic Signature and the Electronic Record. Digital signatures in the mortgage banking industry are also known as Tamper Seals, Tamperseal Signatures, and Tamper Evident Signatures.

Document Preparation or Doc Prep

A process or a system for producing fully populated paper or electronic documents. This may be accomplished in house, or through a third party service, or some combination.

Document Profile A Document Profile is a concept developed by the MISMO® eMortgage Workgroup to distinguish features and characteristics of the Version 3 SMART Doc. The three profiles accommodate different usage scenarios. Each profile includes and extends the previous one.

Basic - This profile is the simplest way to represent a document in the MISMO® V3 specification. This should be used when the document receiver only needs the document view, the document type or classification, and information related to signatures if the document is signed.

Retrievable - A Basic profile that includes the MISMO data of the document.

Verifiable - This profile expands on the Retrievable profile and has the additional information to verify that the data matches the information contained in the viewable image of the document.

DTD Document Type Definition. A file that defines the “markup language” that will be used to describe the data. It defines and names the elements that can be used in the document, the order in which the elements can appear, the element attributes that can be used, and other document features.


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.

eCustodian The entity whose role it is to ensure the secure and accurate storage and archival of eDocuments; e.g., the person or entity charged with maintaining the Authoritative Copy of the electronic promissory note.

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eDelivery The secure transfer of data and/or documents created electronically from one entity to another. There is also a product and service from MERSCORP Holdings named eDelivery see MERS® eDelivery.

eDoc or eDocument A document that is created, accessed, presented, and/or signed electronically. An eDoc may be a paper document that is converted to an electronic form.

Electronic Record A contract or other record created, generated, accessed, sent, communicated, received, or stored by electronic means.

Electronic Signature An action by a person to electronically apply an electronic sound, a symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.

Electronic signatures in MISMO SMART Docs may be a typed name (a Text Signature), a digitized image, such as a “picture” of a written signature created by a signing pad or by other means (an Image Signature), or a Digital Signature. A SMART Doc that contains a scanned or digitized version of an executed paper document has a “Wet” (handwritten) signature type.

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

eMortgage Package See MISMO® ePackage.

eNote See Transferable Record.


eNote Clause Also known as “eNote Language” (Section 11) means additional terms in the text of the eNote to comply with ESIGN and UETA.

eNote Registration The process of creating the initial record in the MERS® eRegistry for identifying the Controller, Location, and other key information of the eNote.

This term is also defined in the MERS® eRegistry Procedures Manual as ‘eNote Registration Record’ and is available at members.mersinc.org.

eNote Registry A file, database, digital signature process, or other electronic method for tracking information concerning use, access to, and alteration (such as a loan modification) of Electronic Records and which includes tracking the transfer of ownership of Transferable Records. See MERS® eRegistry and Transferable Record.

eNote Vault See Electronic Note Vault.

eRecording An act of registering the security instrument and other recordable documents electronically with the county recorder or similar jurisdictional authority. eRecording does not require the security instrument to be electronically executed. A county often records a scanned image of the paper security instrument when it eRecords. For models of eRecording, see the PRIA Technology Committee Business Requirements Work Group: Models of eRecording - A Continuum of eRecording

https://www.pria.us/i4a/doclibrary/getfile.cfm?doc_id=54

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Electronic Note Vault or eNote Vault

An Electronic Note Vault is a secure storage solution that meets the requirements of eSignature Laws. The concept is analogous to a paper note vault administered by a document custodian in the industry today.

ESIGN Electronic Signatures in Global and National Commerce Act. Federal legislation (effective in 2000) designed to provide national legislation to cover states that have not adopted a version of UETA (promulgated by Uniform Law Commissioners in 1999). UETA and ESIGN provisions are substantially the same, except that eNotes as defined in ESIGN must be secured by real property. Together we refer to them as eSignature Laws.


eSignature Laws ESIGN and UETA.

Hash Used as a verb, hashing is the process to calculate a “digital fingerprint” of an electronic document with a mathematical algorithm. The digital fingerprint is unique and entirely based upon the specific content of the electronic document, including any signatures. Any change to the electronic document -- even something as small as the insertion or deletion of a single character -- will create two distinct and unlike digital fingerprints. Comparing the fingerprint and the recalculation of the digital fingerprint at a later date provide evidence of tampering.

Hash Value The result of a Hashing Algorithm. A Hash Value is a unique, fixed-sized computed value that represents any arbitrary length string (such as a document). Hash values are also known as Message Digests, hash codes, hash sums, or hashes.

Hashing Algorithm A mathematical function that is used to calculate an electronic Hash Value or “digital fingerprint” of an eDocument. Since this value is unique to the document, if the document were altered, the result from applying the Hashing Algorithm to the altered document would be different from applying the mathematical function to the original document. The difference in results indicates that the integrity of the original document has been compromised.

HTML See Hypertext Markup Language (HTML).

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.

Hypertext Markup Language (HTML)

The industry standard language defined by the W3C for representing a web page.

Image A digitized presentation of a document.

Image Signature A representation of the signer’s signature that is electronically captured at the time of signing and placed in the signature line on a document. Also known as a Digitized Signature.

Image View See SMART Doc® View.

ISO International Standards Organization.

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Issuing Authority See Certificate Authority.


Key Pair Public Key Infrastructure term. Using Asymmetric Cryptography, the Private Key and its mathematically related Public Key can decrypt data that was encrypted with the corresponding key in the pair. For Digital Signature verification, the Public Key can verify a Digital Signature that the Private Key created for Tamper Evidencing.

Location (as it pertains to a MERS® Transfer of Location)

The entity named on the MERS® eRegistry that maintains the Authoritative Copy of the eNote, and any electronic documents that modify the terms of the eNote, either as Controller or as a custodian on behalf of the Controller.

This term is defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org.

Metadata Data that describe the characteristics or properties of a document, as opposed to the main contents of a document or other data.

MERS® A registered trademark owned by MERSCORP Holdings Inc.


MERS® eDelivery A secure method for distributing eMortgage packages from one MERS® eRegistry Member to another, using the existing MERS® eRegistry infrastructure and transaction security requirements.

This term is defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org.

MERS® eRegistry A System of Record to identify the current Controller and Location of the Authoritative Copy of an eNote.


Message Digest See Hash Value.

MIN Acronym for Mortgage Identification Number. The MIN is a unique 18-digit number that is permanently assigned to a mortgage loan registered on the MERS® System or an eNote registered on the MERS® eRegistry. The MIN is composed of a MERS Member's 7-digit Org ID, a 10-digit sequence number, and a Check Digit.


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MISMO® MISMO®, the Mortgage Industry Standards Maintenance Organization, is the voluntary standards development body for the mortgage industry. MISMO® is a wholly owned subsidiary of the Mortgage Bankers Association.


MISMO® ePackage An XML specification that provides a flexible yet simple mechanism to collect one or more SMART Docs ®, images, PDFs and other related and/or encoded embedded files in a single 'electronic file' for exchange between two trading partners. Also known as eMortgage Package.

Mortgage File All documents from the origination and/or closing process (including paper or Electronic Records) associated with a real-estate secured loan and/or customarily included in the loan documentation file created by the originating lender.

Namespaces XML Namespaces defined by the W3C provide a mechanism for authoring compound documents (documents from multiple sources) in such a way that provides global identification of the source without collisions of tag names or other structural definitions.

Negotiable Instrument A Negotiable Instrument is defined in Article 3 of the Uniform Commercial Code. Most Promissory Notes related to first mortgage loans are intended to be Negotiable Instruments.

PDF Adobe’s Portable Document Format (PDF), which allows for exchange of documents between computer systems in an International Standards Organization (ISO) format (ISO 32000-1 ratified in January 2008). PDF is a file format for representing documents in a manner independent of the application software, hardware, and operating system used to create them and of the output device on which they are to be displayed or printed. ISO owns the copyright.

PDF/A An ISO standard for an electronic document file format that enables long-term preservation.

PDF/A-1

An ISO standard for the long-term preservation of documents. In PDF/A-1:

All fonts must be embedded, All color spaces must be device-independent, Javascript, embedded files, encryption, external content references,

transparency, layers, and XFA forms data are prohibited, and Standards-based metadata must be used.

PDF/A-2

An ISO standard for the long-term preservation of documents. Adds support for a number of additional features that are not allowed in PDF/A-1. Specifically:

• Transparency • Layers (also referred to as “optional content”) • JPEG-2000 compression • Embedding of OpenType fonts • Digital signatures in accordance with the PAdES standard • Embedding of other PDF/A-2 documents

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PDF/A-3

An ISO standard for the long-term preservation of documents. Adds to PDF/A-2 specification the ability to embed arbitrary documents in PDF/A-3 (such as XML data) in PDF/A files.

PKI See Public Key Infrastructure.

PRIA Property Records Industry Association (www.pria.us).

Private Key Public Key Infrastructure term. The secret key of the Key Pair that is controlled only by the person or entity to which it was issued. By encrypting a message with the Public Key, only the holder of the Private Key can decrypt the message. Likewise, the holder of the Private key can encrypt messages that can only be decrypted by the Public key.

Promissory Note A written unconditional promise to pay a specified sum of money in accordance with the terms of the writing.

Public Key Public Key Infrastructure term. The published or publicly available key of a two-Key Pair that are mathematically linked. By encrypting a message with the Public Key, only the holder of the Private Key can decrypt the message. Likewise, the holder of the Private Key can encrypt messages that can only be decrypted by the Public Key, thus proving that a person is the holder of the Private Key.

Public Key Certificate See Digital Certificate.

Public Key Encryption Public Key Infrastructure term. A method requiring two unique software keys for decrypting data, one public and one private. Data is encrypted using the published Public Key, and the unpublished Private Key is used to decrypt the data.

Public Key Infrastructure (PKI)

A system that uses Asymmetric Cryptography and provides the basis for establishing and maintaining a trustworthy networking environment through the generation and distribution of Public and Private Keys and Digital Certificates. PKI facilitates the creation of a verifiable association between a Public Key and the identity (and/or other attributes) of the holder of the corresponding Private Key for uses such as authenticating the identity of a specific entity, ensuring the integrity of information, providing support for non-repudiation, and/or establishing an encrypted communications session.


Record Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

Registration The transaction used to send required information to the MERS® eRegistry to report that an eNote has been originated with the MERS® eRegistry language.


Registration Authority An entity approved by an Issuing Authority to assist Digital Certificate applicants in applying for certificates, and to approve or reject certificate applications, revoke certificates, or renew certificates.


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Registration Reversal The transaction used to mark a previously registered eNote record on the MERS® eRegistry as inactive.

This term is also defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org

Secure Sockets Layer (SSL)

The industry-standard method for protecting web communications developed by Netscape Communications Corporation. The SSL security protocol provides data encryption, server authentication, message integrity, and optional client authentication for a TCP-IP connection.


SMART Doc® An electronic document created to conform to a specification standardized by MISMO®. A SMART Doc® can lock together data and presentation in such a way that it can be system-validated to guarantee the integrity of the document.


SMART Doc® About Versions

A section within a MISMO® SMART® document that can capture the SMART Doc® profile, the version number of the software, platform, or specification used to generate the document and the date and time that the document was generated.

SMART Doc® Audit Trail An optional section in a SMART Doc® that when present, contains entries that show the document’s history, including corrections, additions, signings, validation, voiding, and editing of the document, including who edited the document, date and time of the edit, and the system that it was edited on.

SMART Doc® Deal Set The data section in a SMART Doc® that captures the document’s data and may include additional data or Metadata that is not viewable on the document.

SMART Doc® Document Set

In the MISMO® reference model, individual related SMART Docs ® are grouped together as a document set.

SMART Doc® Map A section of the SMART Doc® that contains or points to style sheets for generating or populating document viewable images, based on the data in the Deal Sets, and/or the Signatories data. The MAP data can be used to verify that the data in the target VIEW element matches the data provided in the DEAL_SET and SIGNATORY elements.

SMART Doc® Relationships

The section in the SMART Doc® that links data in different sections of the document. For example, a relationship can identify which Signatories are associated with a particular document View or link a Signatory to a party listed in the Deal Sets.

SMART Doc® Signatories A section in the SMART Doc® that contains information regarding the type of signature used to represent a legally binding signature of a specific party named in the document. Other data within this element may contain more detailed data about the signing event, such as its location, date and time as well as information about the notary certificate used in the notarial act that the notary memorializes in the document.

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SMART Doc® System Signatures

The section of the SMART Doc® that represents a “tamper seal” of one or more parts of the document. The “tamper seal” provides a way to detect if a specified data section within the document has been changed since the date and time that the electronic seal was originally created. The SYSTEM_SIGNATURE element uses a security technology called the X.509 digital certificate. See Digital Signature.

SMART Doc® View The section of a SMART Doc® that contains the actual presentation of the document that would appear on screen or on a printed output.

System of Record For eMortgages, it is the registry system designated to establish Control and Location and store the Tamper Evident Seal of the Transferable Record (eNote).

For example, the MERS eRegistry® is currently the System of Record used by the vast majority of the mortgage industry. This term is also defined in the MERS® eRegistry Procedures Manual available at members.mersinc.org.

Tamper-Evidencing Tamper-Evidencing is a method used in conjunction with Digital Signatures that can determine if a specific section of an Electronic Record has been modified. Evidence of tampering is determined by comparing the Hash Value created for the Digital Signature and a recalculation, at a later time, of the Hash Value from the Electronic Record. See the MISMO® XML Digital Signature guide (http://www.mismo.org/files/ImplementationGuidelines/XMLDigitalSignatureI-Guide.pdf).

Tamper-evident seal or signature

A "seal" wrapping an Electronic Record that is created by a Digital Signature. The seal can be verified to ensure that no changes have been made to the Electronic Record since the seal was put in place. Also known as: Tamper Seal, Tamperseal Signature and Tamper Evident Signature.


Transaction layer security (TLS)

A converged protocol, a revision of SSL, which offers increased security mechanisms within the protocol, developed jointly by Microsoft and Netscape.

Transfer of Control In the MERS® eRegistry, a system transaction used to request a change to the current Controller of an eNote.


Transferable Record An Electronic Record under ESIGN and UETA that (1) would be a Promissory Note under the Uniform Commercial Code if the Electronic Record were in writing; (2) the issuer of the Electronic Record expressly has agreed is a Transferable Record; and (3) for purposes of ESIGN, relates to a loan secured by real property. A Transferable Record is also referred to as an eNote. (Refer to Section 16 of UETA and in Title II, Section 201 of E-SIGN.)


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Uniform Commercial Code (UCC)

UCC is drafted by the Uniform Law Commission and the American Law Institute.

Uniform Electronic Transaction Act. (UETA)

A uniform form of statute promulgated by the Uniform Law Commission that various states have enacted to establish the legal validity and enforceability of electronic signatures, contracts, and other records within the enforcing state; when enacted by a state, it may take the place of the provisions of ESIGN. UETA and ESIGN provisions are substantially the same, except that eNotes as defined in ESIGN must be secured by real property. Together we refer to them as eSignature laws.


Universal Time Coordinated (UTC)

UTC is also referred to as GMT (Greenwich Mean Time) and is the global standard for timestamps. UTC is used by Digital Signatures and the MERS® eRegistry.

World Wide Web Consortium (W3C)

The World Wide Web Consortium was created to lead the World Wide Web to its full potential by developing common protocols and standards (including XML) that promote its evolution and ensure its interoperability.


Wet Ink or Wet Signature

A signature that is executed with ink on paper.

X509 A standard for defining a Digital Certificate. It is the signing system used for SSL. See the MISMO® XML Digital Signature guide (http://www.mismo.org/files/ImplementationGuidelines/XMLDigitalSignatureI-Guide.pdf).


Extensible Hypertext Markup Language. (XHTML)

A family of document types, schemas, and modules that reproduce, subset, and extend HTML. XHTML conforms to the XML standard.

XLINK eXtensible Linking is a W3C standard that defines how one document or XML element links to another. XLINK is used in SMART Doc® Relationships.

XML Extensible Markup Language. XML is a markup language designed specifically for delivering information over the World Wide Web. Defined by the W3C, it is a set of rules for encoding documents in a format that is both human-readable and machine-readable.


XML Element A data container within an XML file:

<ElementName>Actual Data</ElementName>

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XML Schema XML Schemas express shared vocabularies and support rules-based application processing. They provide a means for defining the structure, content, and semantics of XML documents.

XSL eXtensible Stylesheet Language. A language defined by the W3C for the presentation of XML.

XSL-FO eXtensible Stylesheet Language Formatting Objects. A language defined by the W3C to convert XML to other representations such as PDF.

XSL-T eXtensible Stylesheet Language Transformations. A language defined by the W3C to convert XML to other representations such as XHTML.