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Deed-in-lieu
A deed given by a mortgagor to the
mortgagee to satisfy a debt and avoid foreclosure. Also called
a "voluntary conveyance."
Deed of Trust
Like a mortgage, a security instrument
whereby real property is given as security for a debt. However,
in a deed of trust there are three parties to the instrument:
the borrower, the trustee, and the lender, (or beneficiary).
In such a transaction, the borrower transfers the legal title
for the property to the trustee who holds the property in
trust as security for the payment of the debt to the lender
or beneficiary. If the borrower pays the debt as agreed, the
deed of trust becomes void. If, however, he defaults in the
payment of the debt, the trustee may sell the property at
a public sale, under the terms of the deed of trust. In most
jurisdictions where the deed of trust is in force, the borrower
is subject to having his property sold without benefit of
legal proceedings. A few States have begun in recent years
to treat the deed of trust like a mortgage.
Default
Failure to make mortgage payments
on a timely basis or to comply with other conditions of a
mortgage.
Deficiency Judgment
A court order to pay the balance
owed on a loan if the proceeds from the sale of the security
are insufficient to pay off the loan. Deficiency judgments
are not allowed in all states.
Delinquency
A loan in which a payment is overdue
but not yet in default.
Deposit
A sum of money given to bind the
sale of real estate, or a sum of money given to ensure payment
or an advance of funds in the processing of a loan.
Depreciation
A decline in the value of property;
the opposite of "appreciation."
Discount Points
See Points.
Documentary Stamps
A State tax, in the forms of stamps,
required on deeds and mortgages when real estate title passes
from one owner to another. The amount of stamps required varies
with each State.
Dower
The rights of a widow in the property
of her husband at his death.
Down Payment
The part of the purchase price,
which the buyer pays in cash and does not finance with a mortgage
Due-on-sale provision
A provision in a mortgage that allows
the lender to demand repayment in full if the borrower sells
the property that serves as security for the mortgage.
Due-on-transfer provision
This terminology is usually used
for second mortgages.
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Earnest Money
The deposit money given to the seller or
his agent by the potential buyer upon the signing of the agreement
of sale to show that he is serious about buying the house.
If the sale goes through, the earnest money is applied against
the down payment. If the sale does not go through, the earnest
money will be forfeited or lost unless the binder or offer
to purchase expressly provides that it is refundable.
Easement Rights
A right-of-way granted to a person or company
authorizing access to or over the owner's land. An electric
company obtaining a right-of-way across private property is
a common example.
Effective age
An appraiser´s estimate of the physical
condition of a building. The actual age of a building may
be shorter or longer than its effective age. Effective gross
income
Normal annual income including overtime
that is regular or guaranteed. The income may be from more
than one source. Salary is generally the principal source,
but other income may qualify if it is significant and stable.
Eminent domain
The right of a government to take private
property for public use upon payment of its fair market value.
Eminent domain is the basis for condemnation proceedings.
Employer-assisted housing
A special Fannie Mae housing initiative
that offers several different ways for employers to work with
local lenders to develop plans to assist their employees in
purchasing homes.
Encroachment
An obstruction, building, or part of a
building that intrudes beyond a legal boundary onto neighboring
private or public land, or a building extending beyond the
building line.
Encumbrance
A legal right or interest in land that
affects a good or clear title, and diminishes the land's value.
It can take numerous forms, such as zoning ordinances, easement
rights, claims, mortgages, liens, charges, a pending legal
action, unpaid taxes, or restrictive covenants. An encumbrance
does not legally prevent transfer of the property to another.
A title search is all that is usually done to reveal the existence
of such encumbrances, and it is up to the buyer to determine
whether he wants to purchase with the encumbrance, or what
can be done to remove it.
Endorser
A person who signs ownership interest over
to another party. Contrast with co-maker.
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and
other creditors to make credit equally available without discrimination
based on race, color, religion, national origin, age, sex,
marital status, or receipt of income from public assistance
programs.
Equity
The difference between the market value
of a property and the homeowner's outstanding mortgage balance.
Equity Loan
A loan based on the borrower's equity in
his or her home. Prior to closing; also, an account held by
the lender into which a homeowner pays money for taxes and
insurance.
Escrow account
The account in which a mortgage servicer
holds the borrower´s escrow payments prior to paying property
expenses.Escrow analysis. The periodic examination
of escrow accounts to determine if current monthly deposits
will provide sufficient funds to pay taxes, insurance, and
other bills when due.
Escrow collections
Funds collected by the servicer and set
aside in an escrow account to pay the borrower´s property
taxes, mortgage insurance, and hazard insurance. Escrow disbursements.
The use of escrow funds to pay real estate
taxes, hazard insurance, mortgage insurance, and other property
expenses as they become due.
Escrow payment
The portion of a mortgagor´s monthly payment
that is held by the servicer to pay for taxes, hazard insurance,
mortgage insurance, lease payments, and other items as they
become due. Estate. The ownership interest
of an individual in real property. The sum total of all the
real property and personal property owned by an individual
at time of death.
Eviction
The lawful expulsion of an occupant from
real property.
Examination of title
The report on the title of a property from
the public records or an abstract of the title.
Exclusive listing
A written contract that gives a licensed
real estate agent the exclusive right to sell a property for
a specified time, but reserving the owner´s right to sell
the property alone without the payment of a commission.
Executor
A person named in a will to administer
an estate
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Fair Credit
Reporting Act
A consumer protection
law that regulates the disclosure of consumer credit reports
by consumer/credit reporting agencies and establishes procedures
for correcting mistakes on one's credit record.
Fair-market-value
The highest price
that a buyer, willing but not compelled to buy would pay,
and the lowest a seller, willing but not compelled to sell,
would accept.
FDIC
(Federal Deposit
Insurance Corporation). Provides insurance of accounts for
institutions whose deposits were formerly covered by the Federal
Savings & Loan Insurance Corporation. (FSLIC).
Fee simple
The greatest possible
interest a person can have in real estate.
Fee simple
estate
An unconditional,
unlimited estate of inheritance that represents the greatest
estate and most extensive interest in land that can be enjoyed.
It is of perpetual duration. When the real estate is in a
condominium project, the unit owner is the exclusive owner
only of the air space within his or her portion of the building
(the unit) and is an owner in common with respect to the land
and other common portions of the property.
FHA
(Federal Housing
Administration). A division of the Department of Housing and
Urban Development. The FHA's main activity is the insuring
of residential mortgage loans made by private lenders. It
sets standards for construction and underwriting. FHA neither
lends money, nor plans, nor constructs housing.
FHA Loan
Government loans
are loans that are guaranteed or purchased by government organizations.
Two of the most popular Government Loans are the Federal Housing
Administration (FHA) and the Department of Veterans Affairs
(VA).
FHFB
(Federal Housing
Finance Board). It oversees the credit functions of the twelve
regional Federal Home Loan Banks.
FHLBB
(Federal Home
Loan Bank Board). A regulatory and supervisory agency for
federally charted savings institutions, which oversees the
operations of the FSLIC and FHLMC. This agency was abolished
by the Financial Institutions Reform, Recovery and Enforcement
Act of 1989. (See FIRREA.)
FHLMC
(Federal Home
Loan Mortgage Corporation, Freddie Mac). A private corporation
authorized by Congress, which became an independent, stockholder-owned
government corporation with the passage of FIRREA. FHLMC promotes
the flow of funds into the housing markets by purchasing conventional
mortgages in the secondary market and selling securities backed
by those mortgages in the capital market.
Finance Charge
The total dollar
amount your loan will cost you. It includes all interest payments
for the life of the loan, any interest paid at closing, your
origination fee and any other charges paid to the lender and/or
broker. Appraisal, credit report and title search fees are
not included in the finance charge calculation.
Finder's fee
A fee or commission
paid to a mortgage broker for finding a mortgage loan for
a prospective borrower.
FIRE
(Financial Institutions
Reform, Recovery and Enforcement Act of 1989). An act signed
into law in August 1989, by President Bush that restructured
the thrift regulatory an insurance system.
Firm commitment
A lender´s agreement
to make a loan to a specific borrower on a specific property.
First Mortgage
The mortgage that
has first claim in the event of default.
Fixed installment
The monthly payment
due on a mortgage loan.
Fixed-Rate
Mortgage
(FRM) A mortgage
in which the interest rate does not change during the entire
term of the loan.
FNMA
(Federal National
Mortgage Association, Fannie Mae). A government-sponsored
corporation, owned solely by private investors, created to
provide support to the secondary market for FHA and VA mortgages
and conventional mortgages.
Fixture
Personal property
that becomes real property when attached in a permanent manner
to real estate.
Flood insurance
Insurance that
compensates for physical property damage resulting from flooding.
It is required for properties located in federally designated
flood areas.
Forfeiture
The loss of money,
property, rights, or privileges due to a breach of legal obligation.
Foreclosure
The process by
which a mortgage property may be sold when a mortgage is in
default.
Fully amortized
ARM
An adjustable-rate
mortgage (ARM) with a monthly payment that is sufficient to
amortize the remaining balance, at the interest accrual rate,
over the amortization term.
Full Recasting
Setting the P&I
payments to the level that will fully amortize the loan's
outstanding balance over the remaining term using the fully
indexed accrual rate at the recasting point.
Fully Indexed
Accrual Rate
The interest (accrual)
rate resulting from the index at closing (or at another point
in the loan) plus the lender's full spread, rounded as prescribed
in the loan documents (often to the nearest 1/8th of 1%).
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General Warranty
Deed
A deed which conveys
not only all the grantor's interests in and title to the property
to the grantee, but also warrants that if the title is defective
or has a "cloud" on it (such as mortgage claims, tax liens,
title claims, judgments, or mechanic's liens against it) the
grantee may hold the grantor liable.
Good Faith
Estimate
An estimate of
charges, which a borrower is likely to incur in connection
with a loan closing.
Graduated
Payment Mortgage
(GPM) A mortgage
where the payments are scheduled to increase, usually annually,
for a set number of years, and then level off. GPM can be
used with either a fixed or adjustable interest rate, and
usually has a 30-year term.
Grantee
That party in
the deed who is the buyer or recipient.
Grantor
That party in
the deed who is the seller or giver.
Gross Monthly
Income
The total amount
the borrower earns per month, not counting any taxes or expenses.
Often used in calculations to determine whether a borrower
qualifies for a particular loan.
Growing Equity
Mortgage
(GEM) A fixed
rate, graduated payment mortgage with small initial payments
that increase each year so that the loan pays off in a shortened
term, usually 15 years.
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Hazard Insurance
Insurance to protect
the homeowner and the lender against physical damage to a
property from fire, wind, vandalism, or other hazards.
Homeowner's
Insurance
An insurance policy
that combines liability coverage and hazard insurance.
Homeowner's
Warranty
A type of insurance
that covers repairs to specified parts of a house for a specific
period of time.
Housing Ratio
The ratio of the
monthly housing payment to total gross monthly income. Also
called Payment-to-Income Ratio or Front-End Ratio.
HUD
(Department of
Housing and Urban Development). A cabinet department responsible
for the implementation and administration of government housing
and urban development programs.
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Income property
Real estate developed
or improved to produce income.
Index
(Also called "Rate
Index"). A regularly published rate, independent of the lending
institution, that measures the prevailing cost of funds, and
is used periodically with the margin to set AML accrual rates.
Initial Borrower
Interest Rate
The rate on which
the borrower's first payment is calculated.
Initial Borrower
Payment Rate
The annual interest
rate used to calculate the borrower's initial cash payment.
Inflation
An increase in
the amount of money or credit available in relation to the
amount of goods or services available, which causes an increase
in the general price level of goods and services. Over time,
inflation reduces the purchasing power of a dollar, making
it worth less.
Initial interest
rate
The original interest
rate of the mortgage at the time of closing.
Installment
The regular periodic
payment that a borrower agrees to make to a lender.
Installment
loan
Borrowed money
that is repaid in equal payments, known as installments. A
furniture loan is often paid for as an installment loan.
Insurable
title
A property title
that a title insurance company agrees to insure against defects
and disputes.
Insurance
A contract that
provides compensation for specific losses in exchange for
a periodic payment. An individual contract is known as an
insurance policy, and the periodic payment is known as an
insurance premium.
Insurance
binder
A document that
states that insurance is temporarily in effect. Because the
coverage will expire by a specified date, a permanent policy
must be obtained before the expiration date.
Insured mortgage
A mortgage that
is protected by the Federal Housing Administration (FHA) or
by private mortgage insurance (MI). If the borrower defaults
on the loan, the insurer must pay the lender the lesser of
the loss incurred or the insured amount
Interest
The fee charged
for borrowing money.
Interest accrual
rate
The percentage
rate at which interest accrues on the mortgage. In most cases,
it is also the rate used to calculate the monthly payments,
although it is not used for an adjustable-rate mortgage (ARM)
with payment change limitations.
Interest Rate
The percentage
of an amount of money, which is paid for its use for a specified
time.
Interest Rate
Cap
A provision of
an ARM limiting how much interest rates may increase per adjustment
period.
Interest rate
ceiling
For an adjustable-rate
mortgage (ARM), the maximum interest rate, as specified in
the mortgage note.
Interest rate
floor
For an adjustable-rate
mortgage (ARM), the minimum interest rate, as specified in
the mortgage note.
Investment
property
A property that
is not occupied by the owner.
IRA (Individual
Retirement Account)
A retirement account
that allows individuals to make tax-deferred contributions
to a personal retirement fund. Individuals can place IRA funds
in bank accounts or in other forms of investment such as stocks,
bonds, or mutual funds.
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Joint tenancy
A form of co-ownership
that gives each tenant equal interest and equal rights in
the property, including the right of survivorship.
Judgment
A decision made
by a court of law. In judgments that require the repayment
of a debt, the court may place a lien against the debtor's
real property as collateral for the judgment's creditor.
Judgment lien
A lien on the
property of a debtor resulting from the decree of a court.
Judicial foreclosure
A type of foreclosure
proceeding used in some states that is handled as a civil
lawsuit and conducted entirely under the auspices of a court.
Jumbo Loans
Jumbo, or non-conforming,
is a term used to describe a loan that does not conform to
Fannie Mae or Freddie Mac guidelines. The typical Jumbo loan
exceeds the maximum loan amounts described above.
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Late charge
The penalty a
borrower must pay when a payment is made a stated number of
days (usually 15) after the due date.
Lease
A written agreement
between the property owner and a tenant that stipulates the
conditions under which the tenant may possess the real estate
for a specified period of time and rent.
Leasehold
estate
A way of holding
title to a property wherein the mortgagor does not actually
own the property but rather has a recorded long-term lease
on it.
Legal description
A property description,
recognized by law that is sufficient to locate and identify
the property without oral testimony.
Lender
An institution
that makes loans to borrowers on real estate.
Liabilities
A person's financial
obligations. Liabilities include long-term and short-term
debt, as well as any other amounts that are owed to others.
Liability
insurance
Insurance coverage
that offers protection against claims alleging that a property
owner's negligence or inappropriate action resulted in bodily
injury or property damage to another party.
Lien
A legal claim
against a property that must be paid when the property is
sold.
Lifetime Cap
A provision of
an ARM that limits the total increase in interest rates over
the life of the loan.
Lifetime payment
cap
For an adjustable-rate
mortgage (ARM), a limit on the amount that payments can increase
or decrease over the life of the mortgage.
Line of credit
An agreement by
a commercial bank or other financial institution to extend
credit up to a certain amount for a certain time to a specified
borrower.
Liquid asset
A cash asset or
an asset that is easily converted into cash.
Loan
A sum of borrowed
money (principal) that is generally repaid with interest.
Loan Commitment
Formal offer by
a lender stating the terms under which it agrees to loan money
to a homebuyer.
Loan origination
The process by
which a mortgage lender brings into existence a mortgage secured
by real property.
Loan Servicing
The collection
of mortgage payments from borrowers and related responsibilities
of a loan servicer.
Loan -To-Value
(LTV). The loan-to-value
ratio (LTV) is the original loan amount divided by the lower
of the sales price or the appraised value.
Lock
The period, expressed
in days, during which a lender will guarantee a rate.
Lock-in period
The time period
during which the lender has guaranteed an interest rate to
a borrower.
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Marketable
Title
A title that is
free and clear of objectionable liens, clouds, or other title
defects. A title which enables an owner to sell his property
freely to others and which others will accept without objection.
Master association
A homeowners'
association in a large condominium or planned unit development
(PUD) project that is made up of representatives from associations
covering specific areas within the project. In effect, it
is a "second-level" association that handles matters affecting
the entire development, while the "first-level" associations
handle matters affecting their particular portions of the
project.
Maturity
The date on which
the principal balance of a loan, bond, or other financial
instrument becomes due and payable.
Merged credit
report
A credit report
that contains information from three credit repositories.
When the report is created, the information is compared for
duplicate entries. Any duplicates are combined to provide
a summary of a your credit.
Modification
Margin
(Also called "Spread").
The amount the lender adds to the index to determine the Fully
Indexed Accrual Rate.
Money market
account
A savings account
that provides bank depositors with many of the advantages
of a money market fund. Certain regulatory restrictions apply
to the withdrawal of funds from a money market account.
Money market
fund
A mutual fund
that allows individuals to participate in managed investments
in short-term debt securities, such as certificates of deposit
and Treasury bills.
Monthly Housing
Expense
Total principal,
interest, taxes, and insurance paid by the borrower on a monthly
basis. Used with gross income to determine affordability.
Monthly payment
mortgage
A mortgage that
requires payments to reduce the debt once a month.
Mortgage
A legal document
that pledges a property to the lender as security for a payment
of a debt.
Mortgage Banker
A company that
originates mortgages exclusively for resale in the secondary
market.
Mortgage Broker
A company that
for a fee matches borrowers with lenders.
Mortgage Insurance
Premium
(MIP). The fee
paid to FHA or a private insurer for mortgage insurance.
Mortgagee
The lender in
a mortgage agreement.
Mortgage Commitment
A written notice
from the bank or other lending institution saying it will
advance mortgage funds in a specified amount to enable a buyer
to purchase a house.
Mortgage Insurance
Premium
The payment made
by a borrower to the lender for transmittal to HUD to help
defray the cost of the FHA mortgage insurance program and
to provide a reserve fund to protect lenders against loss
in insured mortgage transactions. In FHA insured mortgages
this represents an annual rate of one-half of one percent
paid by the mortgagor on a monthly basis.
Mortgage life
insurance
A type of term
life insurance often bought by mortgagors. The amount of coverage
decreases as the principal balance declines. In the event
that the borrower dies while the policy is in force, the debt
is automatically satisfied by insurance proceeds.
Mortgage Note
A written agreement
to repay a loan. The agreement is secured by a mortgage, serves
as proof of indebtedness, and states the manner in which it
shall be paid. The note states the actual amount of the debt
that the mortgage secures and renders the mortgagor personally
responsible for repayment.
Mortgagor
The borrower in
a mortgage agreement.
Multidwelling
units
Properties that
provide separate housing units for more than one family, although
they secure only a single mortgage.
Multifamily
mortgage
A residential
mortgage on a dwelling that is designed to house more than
four families, such as a high-rise apartment complex.
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Negative Amortization
(Also called "Deferred
Interest"). If the payments are too small to cover the interest
due on a loan, the remaining interest owed is added to the
outstanding loan balance, causing negative amortization.
Net cash flow
The income that
remains for an investment property after the monthly operating
income is reduced by the monthly housing expense, which includes
principal, interest, taxes, and insurance (PITI) for the mortgage,
homeowners' association dues, leasehold payments, and subordinate
financing payments.
Net Effective
Income
Gross income less
federal income tax.
Negative amortization
A gradual increase
in mortgage debt that occurs when the monthly payment is not
large enough to cover the entire principal and interest due.
The amount of the shortfall is added to the remaining balance
to create "negative" amortization
Net Worth
The value of all
assets, including cash, less total liabilities.
No cash-out
refinance
A refinance transaction
in which the new mortgage amount is limited to the sum of
the remaining balance of the existing first mortgage, closing
costs (including prepaid items), points, the amount required
to satisfy any mortgage liens that are more than one year
old (if the borrower chooses to satisfy them), and other funds
for the borrower's use (as long as the amount does not exceed
1 percent of the principal amount of the new mortgage).
Non-liquid
asset
An asset that
cannot easily be converted into cash.
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.
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Original principal
balance
The total amount
of principal owed on a mortgage before any payments are made.
Origination
Fee
A fee paid to
a lender for processing a loan Application.
OTC
(The Office of
Thrift Supervision). Charters federal thrifts, serves as the
primary federal examiner and regulator of federal and state-chartered
savings associations, and administers laws governing savings
and loan holding companies.
Owner financing
A property purchase
transaction in which the property seller provides all or part
of the financing.
Owner Occupied
"Owner Occupied"
means the property is the owner's primary residence.
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Payment Adjustment
Period
The length of
time (typically a year) between changes to the AML borrower's
P&I payment.
Payment Buy
down
Payment buy downs
occur when a third party, typically a builder, pays part of
the initial P&I payments for a year or two, so that the borrower
has smaller payments and can qualify for the loan.
Payment Cap
A limit on the
amount the payment can be changed at the end of each Payment
Adjustment Period.
Payment Discount
In a payment discount,
the lender reduces the first year's interest rate to make
the mortgagor more attractive to borrowers.
Periodic payment
cap
A limit on the
amount that payments can increase or decrease during any one-adjustment
period.
Periodic rate
cap
A limit on the
amount that the interest rate can increase or decrease during
any one adjustment period, regardless of how high or low the
index might be.
Personal property
Any property that
is not real property.
PITI
Principal, Interest,
Taxes and Insurance are components of a mortgage payment.
Plat
A map or chart
of a lot, subdivision or community drawn by a surveyor showing
boundary lines, buildings, improvements on the land, and easements.
Points
A one-time charge
by the lender to increase the yield of the loan; a point is
1 percent of the amount of the mortgage.
Power of attorney
A legal document
that authorizes another person to act on one´s behalf. A power
of attorney can grant complete authority or can be limited
to certain acts and/or certain periods of time.
Prepayment
Payment of mortgage
loan, or part of it, before due date.
Pre-qualification
The process of
determining how much money a prospective homebuyer will be
eligible to borrow before application.
Prime rate
The interest rates
that banks charge to their preferred customers.
Principal
The amount borrowed
or remaining unpaid, also, that part of the monthly payment
that reduces the outstanding balance of a mortgage.
Private Mortgage
Insurance
Insurance provided
by nongovernmental insurers that protect lenders against loss
if a borrower defaults.
Promissory
note
A written promise
to repay a specified amount over a specified period of time.
Public auction
A meeting in an
announced public location to sell property to repay a mortgage
that is in default.
Planned Unit
Development (PUD)
A project or subdivision
that includes common property that is owned and maintained
by a homeowners' association for the benefit and use of the
individual PUD unit owners.
Purchase Agreement
See Agreement
of Sale.
Purchase money
transaction
The acquisition
of property through the payment of money or its equivalent.
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Qualifying
Ratios
Guidelines applied
by lenders to determine how large a loan to grant a homebuyer.
Quitclaim
Deed
A deed, which
transfers whatever interest, the maker of the deed may have
in the particular parcel of land. A quitclaim deed is often
given to clear the title when the grantor's interest in a
property is questionable. By accepting such a deed the buyer
assumes all the risks. Such a deed makes no warranties as
to the title, but simply transfers to the buyer whatever interest
the grantor has. (See Deed.)
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Radon
A radioactive
gas found in some homes that in sufficient concentrations
could cause health problems.
Rate Caps
(Also called "Interest
Rate Caps"). A limit on the amount of which the interest rate
charged to the borrower can be changed.
Rate lock
A commitment issued
by a lender to a borrower or other mortgage originator guaranteeing
a specified interest rate for a specified period of time.
Real Estate
Broker
A middleman or
agent who buys and sells real estate for a company, firm,
or individual on a commission basis. The broker does not have
title to the property, but generally represents the owner.
Real Estate
Owned
(REO). A term
frequently used by lending institution as applied to ownership
of real property acquired for investment or as a result of
foreclosure.
RESPA
(Real Estate Settlement
Procedures Act). A Federal law that requires lenders to provide
home mortgage borrowers with information about known or estimated
settlement costs.
Real property
Land and appurtenances,
including anything of a permanent nature such as structures,
trees, minerals, and the interest, benefits, and inherent
rights thereof.
REALTOR
A real estate
broker or an associate who holds active membership in a local
real estate board that is affiliated with the National Association
of Realtors.
Recission
The cancellation
or annulment of a transaction or contract by the operation
of a law or by mutual consent.
Recorder
The public official
who keeps records of transactions that affects real property
in the area.
Recording
The noting in
the registrar´s office of the details of a properly executed
legal document, such as a deed, a mortgage note, a satisfaction
of mortgage, or an extension of mortgage, thereby making it
a part of the public record. Refinancing
The process of
the same mortgagor paying off one loan with the proceeds from
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