Nonperforming AssetAn asset such as a mortgage that is not currently accruing interest or which interest is not being paid.
NonresidentialProperty designed for use by retail, wholesale, office, hotel, service, or other commercial use.
Notary PublicA person who serves as a public official and certifies the authenticity of required signatures on a document by signing and stamping the document.
NoteA note is a debt security that promises to pay interest during the term that the issuer has use of the money, and to repay the principal on or before the…
Note RateThe interest rate stated on a mortgage note, or other loan agreement.
Notice of ComplianceA letter or notice from LPC that certifies that completed work complies with a permit
Notice of DefaultA formal written notice to a borrower that there is a default on a loan and that legal action is possible.
Notice of ViolationA notice from the Landmarks Preservation Commission that work on a landmark site or within an historic district was performed without a permit or was not…
Notional Principal AmountThe proposed amount which interest rate swap payments are based but generally not paid or received by either party.
ObliqueView in which a three-dimensional object is represented by a drawing (oblique drawing) in which the face, usually parallel to the picture plane, is…
OccupancyIndicates whether the property to which the loan application relates will be the owner's principal dwelling.
Occupational Safety and Health Act (OSHA)(OSHA)The mission of the Occupational Safety and Health Administration (OSHA) is to save lives, prevent injuries and protect the health of America's workers.
Occupiable spaceA room, or enclosure and accessory installations thereof, which are intended for human occupancy or habitation
OfferThe offer is the price at which someone who owns a security is willing to sell it.
Office of Air and Radiation (OAR)(OAR)EPA's Office of Air and Radiation (OAR) deals with issues that affect the quality of our air and protection from exposure to harmful radiation.
Office of Enforcement and Compliance Assurance (OECA)(OECA)The Office of Enforcement and Compliance Assurance (OECA) is responsible for ensuring the compliance of the regulated community with Federal environmental…
Office of Pesticide Programs (OPP)(OPP)The Office of Pesticide Programs (OPP) regulates the use of all pesticides in the United States and establishes maximum levels for pesticide residues in…
Office of Pollution Prevention and Toxics (OPPT)(OPPT)The Office of Pollution Prevention and Toxics (OPPT), formerly the Office of Toxic Substances, was formed in 1977 with the primary responsibility for…
Office of Research and Development (ORD)(ORD)The Office of Research and Development (ORD) is the scientific and technological arm of the U.S. Environmental Protection Agency (EPA).
Office of Science Coordination and Policy (OSCP)(OSCP)The Office of Science Coordination and Policy (OSCP), newly created in January of 1999, provides coordination ,leadership, peer review, and synthesis of…
Office of Solid Waste (OSW)(OSW)The Office of Solid waste (OSW) operates under authority of the Resource Conservation and Recovery Act (RCRA).
Office of Solid Waste and Emergency Response (OSWER)(OSWER)The Office of the Assistant Administrator for Solid Waste and Emergency Response provides Agency-wide policy, guidance and direction for the Agency's…
Office of Thrift Supervision (OTS)The office within the Department of Treasury that charters and regulates federal savings and loan associations, as well as controlling the system of…
Oil Pollution Act (OPA)(OPA)The Oil Pollution Act (OPA) was signed into law in August 1990, largely in response to rising public concern following the Exxon Valdez incident.
Open HouseWhen the seller's real estate agent opens the seller's house to the public. You don't need a real estate agent to attend an open house.
open-end mortgageA mortgage allowing the borrower to receive advances of principal from the lender during the life of the loan. See also: closed-end mortgage.
OperationThe manner in which a window unit opens, closes, locks, or functions; e.g., casement, double-hung, etc.
Operations and Maintenance (O&M)(O&M)Operations and maintenance (O&M) activities protect the integrity of the selected cleanup plan for a Superfund site.
OrielA projecting bay window carried on corbels or brackets.
Original appearanceThe visual appearance of a structure or site at approximately the time of its completed initial construction.
Original Principal BalanceThe total amount of principal owed on a mortgage before any payments are made.
OriginationThe process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property…
Origination FeeAn origination fee is an amount, usually calculated as a percentage of a mortgage loan or home equity loan, which a lender charges for processing your…
Outreach and Special Projects Staff (OSPS)(OSPS)The Outreach and Special Projects Staff (OSPS) serves to coordinate and implement for the Office of Solid Waste and Emergency Response (OSWER) the…
Owner's PolicyThe insurance policy that protects the buyer from title defects.
OwnershipOwnership is documented by the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the…
Palladian WindowA three-part window opening with a tall, round-arched center window flanked by smaller rectangular windows and separated by posts or pilasters.
panelA portion of a flat surface recessed, or raised from the surrounding area, distinctly set off by molding or some other decorative device.
Panel - HMDA Reporter Panel ListingThe reporter panel listing is the universe of all institutions that reported under HMDA. A separate panel exists for each reporting year.
PanningAn applied material, usually metal, that covers the front (exterior) surface of an existing window frame or mullion
ParapetA low wall that serves as a vertical barrier at the edge of a roof, terrace, or other raised area; in an exterior wall, the part entirely above the roof.
Partial ClaimA loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage…
Partial PaymentA payment that is less than the scheduled monthly payment on a mortgage loan.
ParticipationLender involvement in a development for a percentage of the gross sales or profit, as well as interest on the loan.
Parting stripThe small member, usually wood and usually removable, that separates the upper and lower sash pockets in the jamb of a double-hung window
PartnershipAn agreement between two or more entities to go into business or invest. See also "general partnership;" "limited partnership;" "joint venture."
PaverA block of stone used in sidewalk or areaway paving.
Payment CapA limit on the amount that your monthly mortgage payment on a loan may change, usually a percentage of the loan.
Payment Change DateThe date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan.
Payment Due DateThe date on which a loan or installment payment is due. It is set by a financial institution.
Pediment1. The triangular space forming the gable end of a roof above the horizontal cornice. 2. An ornamental gable, usually triangular, above a door or window.
PerilsFor homeowner's insurance, an event that can damage the property. Homeowner's insurance may cover the property for a wide variety of perils caused by…
Permanent mortgageA mortgage for a long period of time (over 10 years) in contrast to an interim loan or a construction loan.
PermitAny permit other than a Notice to Proceed issued by the Landmarks Preservation Commission in accordance with the Landmarks Law: (a) "PMW shall mean Permit…
Personal propertyAll tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
Pier1. A column designed to support concentrated load. 2. A member, usually in the form of a thickened section, which forms an integral part of a wall…
Piggyback loanA combination of the construction loan with the permanent loan commitment. Also, one mortgage held by more than one lender, with one lender having…
PilasterAn engaged pier or pillar, often with capital and base.
PITICommon acronym for principal, interest, taxes, and insurance—used when describing the monthly charges on a mortgage.
PITI ReservesA cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home.
PITIOAbbreviation for p rincipal, i nterest, t axes, i nsurance and o ther monthly non-housing costs.
Planned Unit Development (PUD)A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners'…
PlinthA platform base supporting a column or pilaster.
PMIPrivate Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with…
pointAn amount equal to one percent of the principal amount of a mortgage. Loan discount points are a one-time charge assessed at closing by the lender to…
PointingThe treatment of joints between bricks, stone, or other masonry components by filling with mortar; also, called tuck-pointing
points (aka discount points)One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals $2,000.
Points (also called discount points)One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals $2,000.
PorticoA small porch composed of a roof supported by columns, often found in front of a doorway.
Post-1939 BuildingAny building in the Riverdale Historic District built on or after January 1, 1940.
Potentially Responsible Parties (PRP)(PRP)The Superfund law (CERCLA) allows EPA to respond to releases or threatened releases of hazardous substances into the environment.
Power of AttorneyA written instrument which authorizes one person to act as another's agent or attorney.
Pre-1940 BuildingAny building in the Riverdale Historic District built, in whole or in part, prior to January 1, 1940 including buildings which have undergone subsequent…
Pre-ApprovalA process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a…
Pre-Approval LetterA letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you're a serious buyer.
Pre-foreclosuresale when the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less…
Pre-foreclosure SaleA procedure in which the borrower is allowed to sell a property for an amount less than what is owed on it to avoid a foreclosure.
Pre-QualificationA preliminary assessment by a lender of the amount it will lend to a potential homebuyer.
Pre-Qualification LetterA letter from a mortgage lender that states that you're pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount.
Pre-QualifyA lender informally determines the maximum amount an individual is eligible to borrow. This is not a guaranty of a loan.
Predatory LendingAbusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging…
Predictive VariablesThe variables that are part of the formula comprising elements of a credit-scoring model.
Preferred StockSome corporations issue preferred as well as common stock. Preferred stock can be an attractive investment because it typically pays a fixed dividend on a…
Preliminary Assessment / Site Inspection (PA/SI)(PA/SI)The Preliminary Assessment (PA) and Site Inspection (SI) are used by EPA to evaluate the potential for a release of hazardous substances from a site.
PrepaymentThe payment of a debt before it actually becomes due.
Prepayment PenaltyA penalty imposed on a borrower for repaying the loan before its due date. (In the case of a mortgage, this applies when there is not a prepayment clause…
Prepayment penalty clauseA clause in a mortgage that requires the borrower to pay a fee for retiring a loan before it becomes due.
Prepayment Penalty Mortgage (PPM)A type of mortgage that requires the borrower to pay a penalty for prepayment, partial payment of principal or for repaying the entire loan within a…