Dictionary

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Nonrecourse Note

A loan for which the sole source of satisfaction for default is the property that was given as collateral; the debtor has no personal liability for any shortfall. Equity loans and reverse annuity mortgages are nonrecourse.

Nonresident Agent

An agent licensed in a state in which she is not a resident.

Nonresident Broker

A resident broker of another state also licensed in Texas but not a Texas resident.

Nonresident Producer

A producer licensed in a state in which he/she is not a resident. In most states, no exam is required to obtain a Nonresident license. You simply must prove that you are licensed and in good standing in your home state and pay the required fees. You can only have one resident license, but you can have 49 nonresident licenses, if desired.

Note

A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

Note Rate

The interest rate stated on a mortgage note.

Notice of Default

A formal written notice to a borrower that a default has occurred and that legal action may be taken.

Novation

Substituting a new obligation for an old one or substituting new parties to an existing obligation.