NOTE >> An agreement containing an expressed and absolute promise of the signer to pay to a named person or bearer a definite sum of money at a specified date or on demand. Usually provides for interest, and if concerning real property, is secured by a mortgage or trust deed.

NOTICE OF DEFAULT (NOD) >> A notice filed with a county records office to show that the borrower under a mortgage or deed of trust is in default .

NOTICE OF RECISION >> Borrowers? signed acknowledgement that they wish to cancel their loan.

NOTICE OF RIGHT TO CANCEL >> Under Regulation Z, customers must be notified they are entering into a transaction that will result in a lien against their primary residence. This document explains they have the right to cancel the transaction, at no cost, within 3 business days from the date of signing the closing documents on a loan.

NOTIFICATION OF INCOMPLETENESS LETTER >> A letter sent to the customer requesting additional information to continue with the loan application process.

OBLIGATIONS >> Any debt or recurring payment the borrower is obligated to pay, except for mortgage payments.

OBSOLESCENCE >> Condition or process of falling into disuse.