What Is a Note Issuance Facility (NIF)? A note issuance facility (NIF) is a credit arrangement usually provided by a syndicate of commercial banks. Its structure can be used for all kinds of businesses as a vehicle for supporting the issuance of credit notes. It is most commonly used by companies wishing to raise capital in the European
What Is the Nifty Fifty? The Nifty Fifty was a group of 50 large-cap stocks on the New York Stock Exchange that were most favored by institutional investors in the 1960s and 1970s. Investment in these top 50 stocks—similar to blue-chip stocks of today—is said to have propelled the American economy to its bull market
What Is the Nigerian Letter Scam? The Nigerian letter scam, also known as advance fee fraud or “419 fraud,” is a scheme in which a sender requests help facilitating the illegal transfer of money. The letter may be sent by mail, fax, or email—the most common method. The author is typically a self-proclaimed government or
What Is a Night Depository? A night depository is a secured bank drop box where accountholders (usually small business owners or employees) can deposit their daily cash, checks, and credit card slips outside of normal banking hours (usually between 9 AM and 5 PM). The bank will collect the deposits and credit them to the
What Is the Nikkei? The Nikkei is short for Japan’s Nikkei 225 Stock Average, the leading and most-respected index of Japanese stocks. It is a price-weighted index composed of Japan’s top 225 blue-chip companies traded on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average (DJIA) Index in the United States.
What Is a No Income / No Asset (NINA) Mortgage? No Income / No Asset mortgages are a type of reduced documentation mortgage program where the lender does not require the borrower to disclose income or assets as part of loan calculations. However, the lender does verify the borrower’s employment status before issuing the loan. This type
What Is a NINJA Loan? A NINJA loan is a slang term for a loan extended to a borrower with little or no attempt by the lender to verify the applicant’s ability to repay. It stands for “no income, no job, and no assets.” Whereas most lenders require loan applicants to provide evidence of a
What is the National Market System (NMS)? The National Market System (NMS) promotes free market transparency by regulating how all major exchanges disclose and execute trades. It is the system for equity trading and order fulfillment in the U.S. that consists of trading, clearing, depository, and quote distribution functions. The NMS governs the activities of
What Is a No Cash-Out Refinance? A no cash-out refinance refers to the refinancing of an existing mortgage for an amount equal to or less than the existing outstanding loan balance (plus any additional loan settlement costs). It is done primarily to lower the interest rate charge on the loan and/or to change some of the terms
What Is a No-Fee Mortgage? A no-fee mortgage is when a lender charges no fees for a mortgage application, appraisal, underwriting, processing, private mortgage insurance, and other third-party closing costs. Instead, these fees may be included in a higher interest rate attached to the mortgage. Key Takeaways A no-fee mortgage does not involve traditional closing
