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Mortgage Dictionary


Terminology, definitions, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries, as they are used on LendingRisk.com.

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N

No Documentation
A documentation type description used to indicate that the borrower's income and assets are not disclosed on the loan application or in the file documentation. The difference between No Income / No Asset (NINA) and No Documentation is an investor distinction. A loan with No Documentation represents the highest credit risk from an investor perspective. Price adjustments and more restrictive Loan To Value (LTV) ratios are associated with loans that have a "No Documentation" documentation type.

See Documentation Type
See Mortgage Loan Documentation Type Overview
See No Income / No Asset (NINA) Documentation

No Income / No Asset (NINA) Documentation
A documentation type description used to indicate that the borrower's income and assets are not disclosed on the loan application or in the file documentation. Qualifying ratios are not calculated as a part of the loan qualification. A loan with NINA Documentation represents one the highest credit risks from an investor perspective. Price adjustments and more restrictive Loan To Value (LTV) ratios are associated with loans that have a NINA documentation type.

See Documentation Type
See Mortgage Loan Documentation Type Overview
No Ratio Documentation (NR) a.k.a. No Income Disclosure (NID) Documentation
A documentation type description used to indicate that the borrower's debt ratios were not calculated for loan qualification purposes. Typically, to qualify a loan with this documentation type the borrower's income should not be disclosed on the loan application or in the file documentation. However, the application is complete as to liabilities, assets, schedule of Real Estate Owned (REO), and all other documentation. A loan with NR Documentation represents a significant credit risk. Typically, price adjustments and more restrictive Loan To Value (LTV) ratios associated with loans that have a NR documentation type.

See Documentation Type
See Mortgage Loan Documentation Type Overview
Non-conforming loan
A conventional mortgage loan that does not comply with Fannie Mae or Freddie Mac loan limits or product qualification guidelines.

See Conventional Loan

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.