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GLOSSARY 'R' |
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1. |
Rate/ Term Refinance:
A refinance of an existing mortgage in which the borrower only enters into the loan to change his/her terms and conditions.
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2. |
Real Estate:
Also referred to as "real property". It is land and anything permanently affixed to it.
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3. |
Real Estate Owned (REO):
Property a lender acquires as the result of a foreclosure.
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4. |
Real Estate Settlement Procedures Act (RESPA):
Enacted by Congress to regulate real estate settlement practices so that the consumer is provided with advance disclosure of the costs involved in the transaction.
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Real Estate Taxes:
Also referred to as Property Taxes. Local government taxes levied on the ownership of real estate.
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6. |
Realtor:
A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors.
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7. |
Recordation:
Filing for record in the office of the county recorder.
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8. |
Recording Fees:
Money paid to the local authorities for recording a home sale, thereby making it part of the public records.
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9. |
Red Flag:
A warning term used to indicate further analysis is warranted.
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10. |
Red Lining:
Denial of real estate loan applications in certain geographical areas, without considering individual applicant qualification.
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11. |
Refinance:
Obtaining a new mortgage loan on a property already owned to repay a debt.
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12. |
Regulation B:
Federal Reserve regulation prohibits discrimination against consumer credit applicants, and establishing guidelines for collecting and evaluating credit information.
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13. |
Regulation Z:
The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.
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14. |
Replacement Cost:
The cost to replace a structure with one of equivalent value and function.
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15. |
Rescission:
It gives the homeowner three days to cancel a refinancing contract once it is signed.
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16. |
Reserve:
Moneys that a borrower has in liquid or semi-liquid assets after all costs associated with a closing are paid.
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17. |
Revolving Credit:
Open lines of credit that are subject to variable payments in accordance with the balance.
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18. |
Rider:
An addendum or amendment to a contract.
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19. |
Right of Recession:
Period of three full days after closing in which the consumer is allowed to negate an owner occupied refinance transaction.
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20. |
Rolling Delinquency:
This refers to any delinquent payment whose delinquency remains constant month after month.
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