Glossary
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Automated Clearing House is an electronic network used for financial transactions in United States.
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Automated Funds Transfer is an electronic network used for financial transactions in Canada.
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Application Service Provider. The NLS application is hosted on a centralized sever where users log in remotely to use NLS. This allows organizations to use NLS without the overhead of running and managing their own database server and having a copy of the NLS application installed on each computer. The NLS application and database are currently hosted at Switch data centers.
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Type of interest method where the interest is accrued daily on the sum of each day's ending principal divided by the number of days in the current cycle.
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Every two months.
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Every two weeks or 14 days.
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The number of days prior to the due date of the next payment on which that payment will bill and a receivable will be created. The billing date is calculated by adding the billing cutoff to the due date.
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Due date of a loan and billing cutoff determines when the statement is queued for processing and printing.
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Community Development Financial Institutions Fund.
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Contact Information File. In early versions of NLS, all data related to an individual or organization was stored in a single database file called the Contact Information File or CIF. This set of data now spans multiple database tables and is commonly referred to as a Contact but the usage of the CIF acronym continues in the naming of database tables and columns.
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The date on which the loan status was set to CLOSED.
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Type of loan that is an agreement by a lender to grant a loan or loans for a specified amount of money at a future date. The holder of the commitment may pay a fee to reserve the funds but is not required to pay interest on the money unless it is actually borrowed.
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Reports created to your specifications by Nortridge Software.
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Database Administrator.
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The amount of a negative balance in the escrow account. It is a deficiency if escrow balance is negative after impound analysis.
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When changing the maturity date of a loan, the term is counted from the maturity date of the loan.
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Type of interest method where interest is accrued daily on the amount of principal specified in the amortization schedule. Early or late payments do not affect the accrual. Principal reduction transactions will cause the schedule to re-amortize. The interest is non-compounding and is typically calculated on a 360/360 interest year.
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Scripts (functions) in Setup > System > Global Script can be called from other areas of NLS where scripting is supported.
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Inbox lists tasks that are either owned by the current user or is assigned to the current user. If branch is enabled, only tasks assigned to the current branch is listed.
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A nickname given to a loan by a contact using the Borrower Portal. This field can only be edited through the Borrower Portal.
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Louisiana Statute §3532. Rebate upon prepayment — A. Upon prepayment in full of a precomputed consumer credit transaction, the extender of credit shall refund unearned loan finance charges or credit service charges and such refund shall represent at least as great a proportion of the loan finance charge or credit service charge after first deducting from such charge a prepayment charge of not more than twenty-five dollars as the sum of the monthly time balances beginning one month after the month in which prepayment is made, bears to the sum of all the monthly time balances under the schedule of payments in the contract; this method of rebate upon prepayment is commonly referred to as the “Rule of 78’s” or the “Sum of Digits” rebate method. If more than on-half of the term of the installment contract has elapsed, the rebate shall be computed without deducting a prepayment charge. For the purposes of rebate upon prepayment, deferral charges are not required to be rebated. No rebate less than one dollar, or to the extent provided for by federal law is required.
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When changing the maturity date of a loan, the term is counted from the original origination date of the loan.
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National Automated Clearing House Asssociation is a non-profit association tasked with overseeing the ACH system.
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Type of loan with a credit line which can be drawn out, up to a set limit, but its repaid principal cannot be drawn out again.
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When a loan is paid off, the system will automatically write-off any balances in excess of the amount of the payment. If the payment is in excess of the payoff amount, the excess will go to suspense. After a loan has been paid off, it will either have all zero balances or will be left with nothing but a balance in suspense.
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The date on which a Payoff payment was made on a loan.
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User specified date determines when the statement is queued for processing and printing.
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Type of loan that is an aggregation of the loans of different borrowers which have been combined for a specific purpose, such as to be resold into the secondary market.
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Every three months or four times a year.
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When changing the maturity date of a loan, the term is counted from the maturity date of the loan and allows for entering a renewal date.
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Any printed document that is to be sent either to a borrower or used internally. A report is printed on demand by an NLS user based on a set of parameters and criteria that the user enters at the time of printing.
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Any charges incurred during the current payment period, if paid in full during this payment period, will incur no interest charges.
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Because the payment of all charges under Revolving Grace would activate Same as Cash and therefore pay off the loan, the Revolving Grace feature does not really come into play in this combination until after the Same as Cash period has expired. So the loan is Same as Cash until Same as Cash expiration and then it is Revolving Grace.
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Type of loan with a credit line which can be drawn out, up to a set limit, and its repaid principal can be drawn out again.
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A number used internally in a database to identify a row of data.
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RULE §83.756 - Refund of Precomputed Interest for Subchapter F Loans; Prepayment in Full Before the First Installment Due Date — (a) If the first installment due date is one month or less from the date of the loan, the authorized lender may retain for each elapsed day between the date of the loan and prepayment before the first installment due date, 1/30th of the installment account handling charge that could be retained if the first installment period were one month and the loan was prepaid in full on the first installment due date. All interest in excess of such amount must be refunded or credited to the borrower. — (b) If the first installment due date is more than one month from the contract date but less than or equal to one month and 15 days from the contract date, the authorized lender may retain for each elapsed day between the date of the loan and prepayment before the first installment due date, 1/30th of the interest that could be retained if the first installment period were one month and the loan was prepaid in full on the first installment due date up to a maximum of 30 days. All interest in excess of such amount must be refunded or credited to the borrower. — (c) To calculate the amount of the refund of unearned interest, an authorized lender must consider any installments that were deferred.
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Type of interest method where the interest for the entire term of the loan is calculated at the start of the loan.
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Type of interest method where the loan accrues as a simple interest loan but the interest portion of the payment is determined by applying the Rule of 78 to the total projected interest amount for the life of the loan.
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If the payments on the loan equal the total advanced before the expiration of same as cash, all interest is reversed and all payments to interest are credited to principal and the loan is paid off.
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Security privilege dictates which users and groups have access to certain features and functions of NLS. Not to be confused with trustee which manages access to data within NLS.
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Every six months or twice a year.
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Twice a month (e.g. 1st and 16th day periods).
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Twice a month (e.g. 1st and 15th day period).
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The amount by which a current escrow account balance falls short of the target balance at the time of impound analysis.
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Type of interest method where the loan will always accrue daily on the current principal balance.
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Short Message Service is a text messaging service commonly used with mobile phones that uses standardized communications protocols to exchange short text messages.
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A specific document designed to be used in the NLS statement processing area. A statement is automatically generated to the statement queue during the nightly accrual process, based on predetermined conditions set up on the loan. These include loan statements, late notices, and commitment statements.
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Type of loan with a specifically defined origination and maturity dates and a defined schedule of payments.
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A small box that appears next to the cursor displaying additional information about the item the cursor is hovering over.
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Trustee is used to manage which users and groups have access to certain data within NLS. By default everyone has access to all data. Not to be confused with security privilege which manages users and groups access to NLS functions.
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