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| National Notary Association |
An association that sends out necessary application materials and supplies to initiate one's notary commission.
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| Negative Amortization |
Amortization means that monthly payments are large enough to pay the interest and reduce the principal on a mortgage loan by its maturity date. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means even after making many payments, a borrower may owe more than was owed at the beginning of the loan.
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| Net Disposable Income |
Money left after subtracting the principal, interest, taxes and insurance and all other obligations from the monthly net income. The surplus amount the borrower has available for living expenses after housing expenses are subtracted.
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| Net Income |
The difference between adjusted gross income and operating expenses. May or may not include depreciation.
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| Net Rental Income |
The monthly gross rental income minus the monthly mortgage payments, insurance, maintenance, taxes and other miscellaneous payments.
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| Net Worth |
The difference between total assets and total liabilities of an individual, corporation, etc.
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| No Document Loans |
This program is for just about anyone who does not want to verify income, assets or employment. It is only based on your credit score and the loan to value of the loan. You can be employed, self employed, retired or not working at all. It is a great way to go for someone who just cannot show anything but has good credit.
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| No Income/No Asset Loans |
This program allows a client to qualify for a loan without verifying income or assets. You do not need to show your income or assets at all so you can just about qualify for any loans if you meet the credit/loan to value guidelines.
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| No - Income/No - Asset Verification |
This program features attractive rates, cash-out refinancing and low down payments without having to verify income or assets. (Employed, self employed or retired are acceptable).
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| No Income Verification/Stated |
This program is typically for a borrower who is self-employed or commission only. You can state your income but it is not verified. A great way for borrowers to go who make the money but just cannot show it all.
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| No Money Down |
Lock in today’s low fixed rate with no money down. Borrow up to 100% of the purchase price of your new home (owner occupied only) with no down payment.
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| No Points. No Closing Costs. |
Lock in at a low rate and pay no points or closing costs. Let us pay your closing costs for you.
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| No Ratio |
This program is for a borrower who may be employed, self employed or even retired who has good assets but who may have a lot of debt or rental properties that do not want to show tax returns or income. No ratios are calculated so it does not matter how much debt you have or what ratios would be for a typical loan.
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| Non-Conforming Use |
A property that doesn't conform to the present zoning of the area it's in.
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| Non-Owner Occupied |
A property used as a residence by a renter/tenant instead of the owner of the property.
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| Non-Recurring Closing Costs |
Fees and costs associated with the closing of a loan, such as title, appraisal, notary fees, etc., that occur only once in the transaction and don't recur.
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| Notary Public |
One who is authorized by the state or Federal government to administer oaths and to attest to the authenticity of signatures.
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| Note |
An agreement containing an expressed and absolute promise of the signer to pay to a named person or bearer a definite sum of money at a specified date or on demand. Usually provides for interest, and if concerning real property, is secured by a mortgage or trust deed.
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| Notice of Default (NOD) |
A notice filed with a county records office to show that the borrower under a mortgage or deed of trust is in default.
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| Notice of recision |
Borrowers' signed acknowledgement that they wish to cancel their loan. See NOTICE OF RIGHT TO CANCEL
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| Notice of right to cancel |
Under Regulation Z, customers must be notified they are entering into a transaction that will result in a lien against their primary residence. This document explains they have the right to cancel the transaction, at no cost, within 3 business days from the date of signing the closing documents on a loan.
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| Notification of Incompleteness Letter |
A letter sent to the customer requesting additional information to continue with the loan application process.
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