FIND TERM: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
- Negative amortization
- Negative equity
- Negotiation of debt
- NextGen score
- NINJA Loan
- Non-prime
- Non-sufficient funds fee (NSF)
- Non-traditional credit
- Notice of acceleration
- Notice of default
Interesting Facts
Non-sufficient funds fees are imposed on charges in the order of largest to smallest rather than in the order in which the charge posted to the account. This method of calculation maximizes the fee income earned by banks.
HCL Finance coined the term NINJA loan to promote their easy mortgage application process. It has since been used to refer to all mortgage loan products that were extended to borrowers that lacked creditworthiness, income and/or assets sufficient to justify loan approval.
