Fannie Mae Selling Guide E-3-14 — Acronyms and Glossary of Defined Terms: N
Fannie Mae Selling Guide E-3-14 — Acronyms and Glossary of Defined Terms: N. Full verbatim text as published by Fannie Mae.
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Fannie Mae Selling Guide E-3-14 — Acronyms and Glossary of Defined Terms: N
E-3-14, Acronyms and Glossary of Defined Terms: N (06/04/2025) National Credit Union Administration (NCUA) The regulator of the credit union industry. NCLTN National Community Land Trust Network NCUA National Credit Union Administration neighborhood A congruous group of complementary land uses. 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 PITI for the mortgage, homeowners’ association dues, leasehold payments, and subordinate financing payments). net mortgage ceiling The mortgage ceiling for an adjustable-rate mortgage after the minimum servicing fee has been subtracted. net mortgage interest rate 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). net mortgage margin The mortgage margin shown in the ARM note and rider after the minimum servicing fee has been subtracted. net note rate The mortgage interest rate after the applicable servicing fee and any guaranty fee for Fannie Mae’s various product types have been subtracted. net worth 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. newly converted project 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. NIS National Industry Standards for Homeownership Education and Counseling non-gut rehabilitation 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. noncontinuous finished area Above-grade finished area(s), not designated as an accessory dwelling unit (ADU), attached to the dwelling with no direct interior access. NPI Nonpublic personal information
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