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The National Oil and Hazardous Substances Pollution Contingency Plan, more commonly called the National Contingency Plan (NCP), is the federal government's blueprint for responding to both oil spills and hazardous substance releases. The National Contingency Plan is the result of our country's efforts to develop a national response capability and promote overall coordination among hierarchy of responders and contingency plans.
- Browse Related Terms: Clean Air Act (CAA), Clean Water Act (CWA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Emergency Response (ER), Emergency Response Notification System (ERNS), Environmental Response Team (ERT), National Contingency Plan (NCP), Oil Pollution Act (OPA), Potentially Responsible Parties (PRP), Spill Prevention, Control and Countermeasures (SPCC), Underground Storage Tank (UST)
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Currently, there are three companies that maintain national credit - reporting databases. These are Equifax, Experian, and Trans Union, referred to as Credit Bureaus.
- Browse Related Terms: Capital Gain, Credit bureau, Credit Repair Companies, Credit Union, Equal Credit Opportunity Act, Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act, Fair Housing Act, Merged Credit Report, National Credit Repositories
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The National Institute of Environmental Health Sciences (NIEHS) Superfund Basic Research Program, provides funding to 18 programs at 70 universities and institutions around the United States to study the human health effects of hazardous substances in the environment, especially those found at uncontrolled, leaking waste disposal sites.
- Browse Related Terms: Contract Laboratory Program (CLP), Environmental Justice (EJ), Hazardous Substance Research Centers, INFOTERRA, National Institute of Environmental Health Sciences (NIEHS), Office of Research and Development (ORD), Office of Solid Waste and Emergency Response (OSWER), Office of Superfund Remediation and Technology Innovation (OSRTI), Outreach and Special Projects Staff (OSPS), Superfund Amendments and Reauthorization Act (SARA), Technology Innovation Office (TIO)
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Sites are listed on the National Priorities List (NPL) upon completion of Hazard Ranking System (HRS) screening, public solicitation of comments about the proposed site, and final placement of the site on the NPL after all comments have been addressed. The NPL primarily serves as an information and management tool. It is a part of the Superfund cleanup process and is updated periodically.
- Browse Related Terms: Comprehensive Environmental Response, Compensation, and Liability Information System (CERCLIS), Construction Completion List (CCL), Hazard Ranking System (HRS), National Priorities List (NPL), No Further Remedial Action Planned (NFRAP), Preliminary Assessment / Site Inspection (PA/SI), Record of Decision (ROD), Remedial Design/Remedial Action (RD/RA), Remedial Investigation/Feasibility Study (RI/FS), Risk Assessment Guidance (RAGS), Superfund Chemical Data Matrix (SCDM), Technical Assistance Grants (TAG), Technical Outreach for Communities (TOSC)
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Natural Resources Damages (NRD) are defined as injury to, destruction of, or loss of natural resources, including land, fish, wildlife, biota, air, water, ground water, drinking water supplies, that are managed by the government. The measure of damages under CERCLA and OPA is the cost of restoring injured resources to their baseline condition, and the reasonable costs of a damage assessment.
- Browse Related Terms: Department of Defense (DOD), Department of Energy (DOE), Department of Transportation (DOT), Environmental Protection Agency (EPA), Federal Facilities Restoration and Reuse Office (FFRRO), Natural Resources Damage (NRD), Occupational Safety and Health Act (OSHA), Office of Enforcement and Compliance Assurance (OECA), Office of Pesticide Programs (OPP), Office of Solid Waste (OSW), Resource Conservation and Recovery Act (RCRA), Safe Drinking Water Act (SDWA)
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A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.
Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments not high enough to cover the interest due.
An increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the interest due.
An increase in the outstanding balance of a loan resulting from the failure of periodic payments to cover required interest charged on the loan. Generally occurs during the first 5 to 10 years of the life of a graduated payment mortgage (GPM) and under indexed loans for which the applicable interest rate may be changed without affecting the monthly payments.
Occurs when the monthly payments in an adjustable-rate mortgage loan do not cover all the interest owed. The interest that is not paid in the monthly payment is added to the loan balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that are not high enough to cover the interest due or when the minimum payments are set at an amount lower than the amount you owe in interest.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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Your take-home pay, the amount of money that you receive in your paycheck after taxes and deductions.
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
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Your take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.
- Browse Related Terms: Cash, Cash-Out Refinance, Cushion, Financing, Gift, Housing Expense Ratio, LTV (loan-to-value), Mortgage Rate, Mutual Funds, Net Income, Net Monthly Income, Participation, Reinstatement Period
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The value of a company or individual's assets, including cash, less total liabilities.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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The main post at the foot of a stairway or stoop.
- Browse Related Terms: Baluster, Egg and dart, Festoon, Jigsaw Carving, Newel, Relief, Rosette, Swag
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A refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home. Also called a "rate and term refinance."
- Browse Related Terms: Assumable loan, Intermediate Term Mortgage, Maturity Date, Modification, mortgage term, No Cash Out Refinance, Note Rate, Refinancing, Variable interest rate
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There are many variations of a no cost loan. Generally, it is a loan that does not charge for items such as title insurance, escrow fees, settlement fees, appraisal, recording fees or notary fees. It may also offer no points. This lessens the need for upfront cash during the buying process however no cost loans have a higher interest rate.
- Browse Related Terms: assets, Closing, Closing (or settlement) costs, Closing Agent, Closing Costs, Closing Statement, Consideration, Escrow, Good faith estimate, HUD1 Statement, No Cost Loan, Punch List, Real Estate Settlement Procedures Act (RESPA), RESPA, Settlement, Settlement Statement, Uniform Settlement Statement
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The Archive, or No Further Remedial Action Planned (NFRAP), database contains information on sites which have been removed from the inventory of Superfund sites. Archive status indicates that to the best of the EPA's knowledge, Superfund has completed its assessment of a site and has determined that no further steps will be taken to list that site on the NPL.
- Browse Related Terms: Comprehensive Environmental Response, Compensation, and Liability Information System (CERCLIS), Construction Completion List (CCL), Hazard Ranking System (HRS), National Priorities List (NPL), No Further Remedial Action Planned (NFRAP), Preliminary Assessment / Site Inspection (PA/SI), Record of Decision (ROD), Remedial Design/Remedial Action (RD/RA), Remedial Investigation/Feasibility Study (RI/FS), Risk Assessment Guidance (RAGS), Superfund Chemical Data Matrix (SCDM), Technical Assistance Grants (TAG), Technical Outreach for Communities (TOSC)
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In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back
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A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming. See also: conforming loan.
Is a loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
- Browse Related Terms: Conforming Loan, Fannie Mae-Seller/Servicer, Fannie Mae/Freddie Mac Loan Limit, Federal Home Loan Mortgage Corporation (FHLMC), GSE, Jumbo Loan, Mortgage Banker, Non-Conforming loan
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The interior architectural features of the designated interior that the LPC has determined do not contribute to the special historic, cultural, and/or aesthetic character for which the interior was designated. These features comprise all of the interior architectural features of the interior with the exception of those features that are underscored in the designation report.
- Browse Related Terms: Banking Interior, Certified historic structure, Historic Appearance, Historic structure, Match, Non-significant features, Post-1939 Building, Pre-1940 Building, Reversible Alteration, Significant Feature, Significant landscape improvement, State-of-the-Art Banking Change
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An asset that cannot easily be converted into cash.
- Browse Related Terms: Assessments, balance sheet, Capital or Cash Reserves, Chapter 7 Bankruptcy, General partnership, Liquid asset, Liquidity, Mutual savings bank, net worth, Nonliquid Asset, Underwriter, Uniform Residential Loan Application
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An asset such as a mortgage that is not currently accruing interest or which interest is not being paid.
- Browse Related Terms: Additional Principal Payment, Annual Mortgagor Statement, Annuity, Charge-off, interest, Interest rate, Interest Rate Swap, Nonperforming Asset, Notional Principal Amount, open-end mortgage, Original Principal Balance, P&I, PITI Reserves, Premium, Remaining Balance, Right of rescission, Self-amortizing mortgage, taxes
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Property designed for use by retail, wholesale, office, hotel, service, or other commercial use.
- Browse Related Terms: Bay, Establishment, Federal Home Loan Bank Board, Fraternal organization, Joint tenancy, Nonresidential, Storefront, Trust company
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A person who serves as a public official and certifies the authenticity of required signatures on a document by signing and stamping the document.
- Browse Related Terms: Abstract of title, Assignment of Mortgage, Chain of Title, Deed, Deed of trust, Document Recording, Mortgage holder, Notary Public, Ownership, Public Record Information, Quitclaim Deed, Recorder, Recording, Recording Fees, Title, Transfer of Ownership, trust deed
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