IAWG

The following list represents a list of possible roles that institutional parties may assume in a MISMO transaction at any given point in time.

A role is meant to describe an entity‘s relationship to a particular transaction.
An entity can be more than one role at a time. During MXCompliance, various WG‘s may choose to provide required roles for various transactions (which in turn may be determined by required data sets).
There are some roles that never change (see below)
There are some roles that are transaction-specific (see below), which means that they can change with each transaction.

These are roles that once determined, never change throughout the life of a loan.

Term	Definition	Discussion
Original Lender	The entity that originally provided the funds for closing the loan	n/a
Originator	The entity that took the application from the borrower. This may be the same as Original Lender, but is not necessarily (i.e. may be a broker)	n/a
Security Issuer	The entity that issues a security. They may be issuing the security for themselves, or on the behalf of another entity. Once a security has been issued, this will never change.	n/a

Roles that change with each transaction (i.e. the transaction of closing the loan, the transaction of selling the loan, etc.).
Something is a “Party to the Transaction” under either of the following conditions:
- Cardinality: It has more than a 1-1 relationship with another part of the dataset.
- Active Involvement in the Transaction: If they are a sender or receiver (actual or potential) of XML. This does not need to be limited to MISMO XML. They are either requesting, responding, or receiving copies of the XML information.

Some examples that would NOT be considered a “Party to the Transaction” and would therefore be defined via containment include:
- EMPLOYER
  - First, an EMPLOYER has a 1-1 relationship with BORROWER. Second, information about an EMPLOYER is gathered initially to help understand the risk associated with making a loan. Once it is collected, it is not used again in the future, and is not involved in the transaction. It does not receive XML.
- LANDLORD
  - Again, LANDLORD has a 1-1 relationship with BORROWER. Second, information about a LANDLORD is gathered initially to help understand the risk associated with making a loan. Once it is collected, it is not used again in the future, and is not involved in the transaction. It does not receive XML.

Term	Definition	Discussion
Authorized Representative		n/a
Beneficiary		n/a
Borrower		n/a
Builder		n/a
Buyer - Asset Only	In a transaction, the buyer of assets only (no servicing rights)	n/a
Buyer - Securities	In a transaction, the buyer of securities represented by a collection of loans	n/a
Buyer - Servicing Rights Only	In a transaction, the buyer of servicing rights only.	n/a
Buyer - Whole Loan	In a transaction, the buyer of whole loans (both asset and servicing components)	n/a
Closing Agent		n/a
Cosigner		n/a
Custodian		n/a
Fulfillment Party		n/a
Grantee		n/a
Grantor		n/a
Loss Payee		n/a
Notary		n/a
Payee		n/a
Real Estate Agent		n/a
Regulatory Agency		n/a
Review Appraiser		n/a
Seller	In a transaction, the entity that is selling the loan or loan derivative (i.e. whole loan, servicing rights, securities). This is assumed to be the current owner of what is being sold.	n/a
Service Provider		n/a
Servicer	The entity who currently owns the servicing rights. They may not do the servicing themselves, but they retain ownership of the servicing rights)	n/a
Sub-Servicer	The entity that performs servicing for another entity. This entity does not have any ownership in servicing rights.	n/a
Supervisor		n/a
Taxable Party		n/a
Title Holder		n/a
Trustee		n/a
VA Borrower		n/a
Warehouse Bank - Buyer	The warehouse bank of the Buyer in a transaction.	n/a
Warehouse Bank - Seller	The warehouse bank of the Seller in a transaction.	n/a
Witness		n/a

These are terms that due to use in different contexts or ambiguity should be avoided.

Term	Reason to Avoid	Discussion
Broker	This terms is used to describe too many things, especially depending on context. For example, it is used to the entity that may take the loan in origination, or the entity that may arrange for securitization.	n/a
Investor	This terms is used to describe too many things, especially depending on context. For example, it is used to refer to the guidelines to which a loan was underwritten, the entity that purchases the loan, etc. To avoid confusion, other terms (such as Originator, Original Lender, and various Buyer variants) have been used instead.	n/a

Is a company like RealEC a “Service Provider” or do we add “Vendor Manager”
Should Enveloping use the above Roles as the replacement for ’*Party’
- in the 2.x data set, the envelope contains contact detail data and other information that is not supported in the SOAP envelope so a choice is before us:
  - either we drop the connection between the envelope role and the business detailed data (like contact detail)
  - or we use the roles above to connect the envelope to the information within the payload

AWGRoles