Proprietary information withheld by order or regulation.įOIA requests and protection of GSE information. Secretarial determination on GSE request. Public-use database and public information. Submission of information to the Secretary. Reports underwriting and appraisal guideline review. Notice and determination of failure to meet goals.

Nuncupative Will - A will given orally, usually in a deathbed situation, before witnesses who later testify to its authenticity.The Secretary of HUD's Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie MAC)Ĭentral Cities, Rural Areas, and Other Underserved Areas Housing Goal.Īffordability-Income level definitions-family size and income known (owner-occupied units, actual tenants, and prospective tenants).Īffordability-Income level definitions-family size not known (actual or prospective tenants).Īffordability-Rent level definitions-tenant income is not known. Notorious Possession - A requirement for adverse possession, which is so open that it is assumed that the owner has notice of the possession. Notice of Default (NOD) - A formal written notice to a borrower that a default has occurred and that legal action may be taken. This is done to accelerate the period for filing a mechanic’s lien. Notice of Cessation - Concerning a construction project, a notice given that work has stopped. Note Rate - The interest rate stated on a mortgage note. Note - A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand. The content of the document is not certified, just the signature. Notarization - When a Notary Public certifies that someone signing a document has been properly identified. Nonexclusive Listing - When a real estate broker has an exclusive listing, but the owner can sell his property without an agent and not be liable to pay a commission. Nonbearing Wall - Any wall that separates areas, but is not a weight bearing wall, such as the outer walls. If the borrower defaults, then the issuer can seize the collateral, and the borrower is not personally liable. Non-recourse - A loan that is secured by collateral, usually property. Non-Owner Occupant - Investment ownership in which a tenant, and not the owner, occupies the property. Non-Liquid Asset - An asset that cannot easily be converted into cash.

The current non-conforming loan limit is $252,700 and above. Non-conforming loans usually incur a rate and origination fee premium. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because borrower or property do not meet underwriting guidelines. Non-Conforming Loan - Also called a jumbo loan. Non-Assumption Clause - A mortgage clause prohibiting the transfer of a mortgage to another borrower without the approval of the lender. Non-Arms Length Transaction - When parties involved in a real estate transaction have some relationship with one another. No Income Verification (no-doc) - A loan that requires little to no income verification. No cash in hand allowed beyond 1% of loan amount.

No Cash-out Refinance or Rate and Term Refinancing - A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them). NINA (no income no assets) - This is a type of loan documentation used when borrower's do not wish to disclose income or assets, usually due to the complexity of the borrowers income. Niche Lenders - Specialized lenders that offer particular products to make loans to borrowers. Niche Lender - A specialized lender that offers particular products to make loans to borrowers. Net Worth -The value of all assets, including cash, less total liabilities. Net Proceeds - The amount of cash received from the sale of the property, not including relevant expenses. Net Operating Income - Gross income less vacancy and collection loss, operating expenses and replacement reserves. Net Effective Income - Gross income less federal income tax. Net Cash Flow - The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments. If the payments are too small to cover the interest due on a loan, the remaining interest owed is added to the outstanding loan balance, causing negative amortization. Negative Amortization - (Also called 'Deferred Interest'). Glossary of commonly used terms and phrases

Non arms length transaction fannie mae