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Glossary of Mortgage and Home Equity Terms

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Nationwide Mortgage Licensing System and Registry (NMLSR)
The Nationwide Mortgage Licensing System and Registry (NMLSR) is a repository developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The purpose of the NMLSR is to streamline the licensing process, improve supervision, and increase transparency in residential lending.
Negative Amortization
A loan payment schedule in which the outstanding principal balance goes up, rather than down, because the payments do not cover the full amount of interest due. The unpaid interest is added to the principal balance.
Negative Points
A cash rebate paid by lenders to a mortgage broker or the borrower for a mortgage with an interest rate above the lender's par interest rate. A rebate credited to the borrower is typically used to defray loan settlement costs. The rebate may not exceed loan settlement costs, nor be used as part of the down payment.
Neighborhood Stabilization Program (NSP)
A program funded by the Department of Housing and Urban Development (HUD) through the American Recovery and Reinvestment Act (ARRA) of 2009 and designed to provide funds to assist homebuyers in purchasing foreclosed residential properties in targeted areas for the purpose of stabilizing neighborhood property values.
NMLSR ID
A number or other identifier that permanently identifies a registered residential loan originator. The Unique Identifier is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and other agencies. It also may be referred to as a Unique ID.
Non-Conforming Loan
Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines.
Note
A general term for any kind of paper or document signed by a borrower that is an acknowledgment of a debt, and is, by inference, an agreement to repay that debt. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee. (See Mortgage Note)
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