E-3-14, Acronyms and Glossary of Defined Terms: N (11/06/2024)

The regulator of the credit union industry.

National Community Land Trust Network

National Credit Union Administration

A congruous group of complementary land uses.

The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense (which includes PITI for the mortgage, homeowners’ association dues, leasehold payments, and subordinate financing payments).

The mortgage ceiling for an adjustable-rate mortgage after the minimum servicing fee has been subtracted.

The mortgage interest rate less the lender’s servicing spread (which may be a minimum servicing fee plus any excess yield or a servicing fee and a guaranty fee, depending on whether the mortgage is a portfolio mortgage or an MBS mortgage).

The mortgage margin shown in the ARM note and rider after the minimum servicing fee has been subtracted.

The mortgage interest rate after the applicable servicing fee and any guaranty fee for Fannie Mae’s various product types have been subtracted.

The value of all of a company’s (or individual’s) assets—including cash—less its total liabilities. It is used to indicate financial strength.

A condo or co-op project that was converted from an apartment or other use is defined as a newly converted project until it fully meets Fannie Mae’s definition of an established project.

National Industry Standards for Homeownership Education and Counseling

A project that has been developed by rehabilitating an existing building and converted into individual units. The building, its mechanical equipment, and individual units typically have not been substantially rehabilitated or replaced.

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