Washington State Department of Financial Institutions

Glossary of Terms

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NCUA - National Credit Union Association is an independent federal financial regulatory agency responsible for chartering, supervising, examining and insuring all federal credit unions. Additionally, it insures the member accounts of those state chartered credit unions which choose, or are required by state law, to have federal insurance.

Negative Amortization - Occurs when the monthly payments are not large enough to pay all the interest due on the loan that month. This unpaid interest is added to the balance of the loan. The danger of the negative amortization is that the borrower ends up owing more than the original loan amount. The benefit is that the initial payments are lower.

Net asset value (NAV) - The result of dividing a fund’s total assets by the number of shares outstanding.

Net Monthly Income - Your take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.

Note - A contract involving a loan of money.