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Naked Call Option Writing - Options sold without the seller actually owning the underlying product (versus covered call option writing).

Needs Analysis - A process, based on detailed family financial information, to determine the amount of financial aid for which a student qualifies.

Need-Based Financial Aid - Financial aid granted on the basis of financial need.

Negative Amortization - A loan payment schedule in which the outstanding principal balance goes up, rather than down, because the payments do not cover the full amount of interest due. The unpaid interest is added to the principal.

Negotiation - A function that involves checking the documents presented for payment under a letter of credit to ensure compliance with the terms and conditions specified in the credit, plus the purchase of those documents by the negotiating bank.

Negotiation Credit - A credit instrument under which the beneficiary draws his drafts either on the opening bank or on a designated foreign bank. The beneficiary may then sell the drafts either to the local advising bank or to any other bank in the area that is willing to buy the drafts.

Net Asset Value (NAV) - The daily market value of one share of a mutual fund. It is calculated by taking the total value of all mutual fund investments, subtracting total fund liabilities and dividing the resulting figure by the number of outstanding shares. It is calculated at the close of trading.

Net Change - The difference between a day's last trade and the previous day's last trade.

Net-Net Lease (NN) - A lease under which the tenant is usually required to pay for property taxes and insurance in addition to the rent.

Net Operating Income (NOI) - Total income less operating expenses, adjustments, etc., but before mortgage payments, tenant improvements and leasing commissions.

Net Profit - The difference between the total price paid for a security, with the brokerage commission paid, and the current value. The difference may be either a gain or a loss.

Netting - The method used to reduce cross border payments among units of a company that involves periodic reporting by units to the netting center. The net position is settled on a monthly basis and the practice reduces the number of foreign exchange transfers and may involve leading or lagging.

Net Worth - The value of all assets, including cash, less total liabilities. It is often used as an underwriting guideline to indicate an individual's creditworthiness and financial strength.

Nominal Measures - The most basic of methodologies for risk management which represents a risk position based on the nominal amount or face amount of the transactions.

Non-Callable Bond -- A bond that cannot be called for redemption at the option of the issuer before its specified maturity date.

Non-Conforming Loan - A conventional home mortgage loan not eligible for sale and delivery to either FNMA or FHLMC due to any number of reasons, including loan amount, loan characteristics or underwriting guidelines.

Non-Recourse - A type of financing in which the lender may look only to the security (property) for repayment in the event of default, and not personally to the borrower.

Normal Yield Curve - The typical relationship between the interest rate and price of a debt instrument is inverse. The longer the term, the greater the risk of a price decline. It's an upward sloping line on a graph.

Nostro - A bank's account held by another financial institution used for funds clearing.

Note - A general term for any kind of paper or document signed by a borrower that is an acknowledgment of the debt, and is, by inference, a promise to pay. When the note is secured by a mortgage, it is called a mortgage note and the mortgagee is named as the payee.

Notification of Loan Transfer - A document sent to a borrower to notify him or her that his or her loan has been sold or transferred to another servicer.

Number of Shares - The number of stock shares that a company has outstanding.

NYSE Beta Index - The covariance of the stock in relation to the rest of the stocks listed on the NYSE. The Standard & Poor's stock index has a beta coefficient of 1. Any stock with a higher beta is more volatile than the stocks listed on the NYSE.

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