REALTOR
A person licensed to negotiate and transact the sale of real estate on behalf of the borrower or seller. |
| |
RECAST
To redesign an existing loan balance into a new loan for the same period or longer |
| |
RECISION
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. |
| |
REFINANCE
To pay off one loan with the proceeds from a new loan, using the same property as security. |
| |
REINSTATEMENT
Paying up all delinquent mortgage payments and late charges. |
| |
RELEASE
An instrument releasing property from the lien of the mortgage, judgment, etc. |
| |
RESERVES
The amount of money left in a borrowers possession after settlement. |
| |
RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review estimated settlement costs. |
| |
