Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License.

  • noun finance A mortgage loan to a borrower with no verified or stated income or assets.
  • noun A mortgage loan to a borrower with no income or assets.

Etymologies

from Wiktionary, Creative Commons Attribution/Share-Alike License

From a coding system for classifying loans to be securitized, in which N indicated "no verification", I "income", and A "assets". Other letters used were S "stated by borrower, unverifed" and V "verified".

Examples

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