N



Glossary


National Multi-State Licensing System and Registry (NMLS)

The NMLS is a Licensing system that was developed and is maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The purpose of NMLS is to store information of each licensee and acts only as a database of licensees.


Negative Amortization

The result when monthly payments don’t cover all the interest due on the loan. The unpaid interest is added to the unpaid balance, which means the homebuyer will owe increasingly more than the original amount of the loan.



New line amount

The sum of the existing credit line and the amount of additional credit requested.



Net Effective Income

The amount of after-tax income produced by a specific asset or group of assets, calculated by subtracting federal income tax from gross income.



Net Monthly Income

Take home pay after taxes and payroll deductions.



Net Worth

A measure of one's wealth, usually calculated as the excess of total assets over total liabilities.



No closing cost loan

A loan in which the borrower is not required to pay cash out-of-pocket at closing for the normal closing costs. The lender typically includes the closing costs in the principal balance or charges a higher interest rate than for a loan with closing costs to cover the advance of closing costs.



Non Assumption Clause

A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.



Nonconforming loan

A loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit, lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it.




Non Discharge Debt

A debt, such as one for delinquent taxes, that is not released through bankruptcy.



Nonowner occupied

Properties in which the owner does not live.



Non-Liquid Asset

A type of Asset that is not easily turned into cash. Real Estate is considered a non-liquid asset.



Note

A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.



Note rate

The interest rate stated in a mortgage note.



Notice of default

A formal written notice to a borrower that a default has occurred and that legal action may be taken.



NASDAQ-100 Index

An unmanaged index that includes 100 of the largest domestic and international nonfinancial securities listed on the Nasdaq Stock Market, based on market capitalization.



National Association of Securities Dealers Automated Quotation (NASDAQ)

A composite index that measures the performance of more than 5,000 U.S. and non-U.S. companies traded “over the counter” through NASDAQ.



Net asset value (NAV)

The net dollar value of a single investment fund share or unit that is calculated by the fund on a daily basis.



New York Stock Exchange (NYSE)

The oldest and largest stock exchange in the United States. The NYSE was founded in 1792.



No-load fund

A mutual fund whose shares are sold without a sales commission. No-load funds do not charge a combined 12b-1 fee and service fee of more than 25 basis points, or 0.25% per year.



NYSE Arca Tech 100 Index

An unmanaged, price-weighted index of at least 100 individual technology-related securities. This index includes stocks of companies from various industries that produce or deploy innovative technologies. 

“Archipelago”, “ARCA”, “ARCAEX”, “NYSE”, “NYSE ARCASM” and “NYSE Arca Tech 100SM” are trademarks of the NYSE Group, Inc. and Archipelago Holdings, Inc. and have been licensed for use by the Nationwide Funds. This Fund is not sponsored, endorsed, sold or promoted by Archipelago Holdings, Inc. (“ARCA”). ARCA makes no representation or warranty regarding the advisability of investing in securities generally, in the Fund particularly, or the ability of the NYSE Arca Tech 100 Index to track general stock market performance.





Acronyms



NAR
National Association of Realtors



NCUA
National Credit Union Administration



NINA
(no income no asset loan) a loan that does not require income or assets


NMN
National Mortgage News



NIV
(No income verification) a loan that requires no income verification



Neg Am
Negative Amortization




NAMB
National Association of Mortgage Brokers



NKA
Now Known As




NMLS
(nation wide mortgage licensing system )



NOO
(non owner occupied) alone on a property not occupied by the owner (investment property, vacation/ second home)



NOIA
Notice of Incomplete Application



NOR
Notice of rejection may be used interchangeably with non endorsement



NPL
Non Performing Loan



NPR
notices of proposed rulemakings from Basel committee


NRSRO
Nationally recognized statistical rating organization.