Rate CapThe limit on the amount an interest rate on an ARM can increase or decrease during an adjustment period.
Rate LockThe period of time that a mortgage company will guarantee a loan's interest rate, usually 30 or 60 days.
Rate SpreadThe price data take the form of a "rate spread." Lenders must report the spread (difference) between the annual percentage rate (APR) on a loan and the…
Ratified Sales ContractA contract that shows both you and the seller of the house have agreed to your offer.
Real EstateTypically includes residential property (e.g., homes, apartment buildings, hotels), commercial property (e.g.
Real Estate AgentAn individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
Real Estate ProfessionalAn individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller.
Real Estate Settlement Procedures Act (RESPA)Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the…
Real estate taxSame or similar to "property tax." See also "property tax."
Real propertyA dwelling or home is often referred to as real property.
REALTOR®A real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.
Reasons for DenialThese fields identify why an application was denied. As many as three reasons may be reported.
Record of Decision (ROD)The Record of Decision (ROD) is a public document that explains which cleanup alternatives will be used to clean up a Superfund site.
RecorderThe public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
RecordingThe filing of a lien or other legal documents in the appropriate public record.
Recording FeesCharged by the Registry of Deeds for the filing of documents or details of a legal document to make them a matter of public record.
RefinanceThe repayment of a debt from the proceeds of a new loan using the same property as security.
RefinancingA way of obtaining a better interest rate, lower monthly payments, or borrow cash on the equity in a property that has built up on a loan.
Rehabilitation MortgageA mortgage loan made to cover the costs of repairing, improving, and sometimes acquiring an existing property.
Reinstatement PeriodA phase of the foreclosure process where the homeowner has an opportunity to stop the foreclosure by paying money that is owed to the lender.
ReliefCarved or molded ornament that projects from a flat surface.
Remaining BalanceThe amount of principal that has not yet been repaid.
Remaining TermThe original number of payments due on the loan minus the number of payments that have been applied.
Remedial Design/Remedial Action (RD/RA)Remedial Design (RD) is the phase in Superfund site cleanup where the technical specifications for cleanup remedies and technologies are designed.
RepairAny work done on any window to correct any deterioration or decay of or damage to a window or any part thereof and to restore same, as closely as may be…
Repayment Plana process where a homeowner promises to pay down past due amounts on a mortgage while continuing to make regular monthly payments on a property
Replacement CostPays the dollar amount needed to replace the structure or damaged personal property without deducting for depreciation but limited by the policy’s…
RepointingProcess of renewing mortar joints; see pointing
RescissionThe cancellation, or “tearing-up,” of a contract. Some consumer loans (home mortgages) feature a 3-day right of rescission during which the borrower…
Residential AwningAny awning on a residential building and any awning on a commercial or mixed-use building except for storefront awnings.
Resource Conservation and Recovery Act (RCRA)The primary goals of the Resource Conservation and Recovery Act (RCRA) are to protect human health and the environment from the potential hazards of waste…
RESPAAbbreviation for the Real Estate Settlement Procedures Act. This act allows consumers to review settlement costs at application and once again prior to…
Respondent or Reporter ID (RID)A ten-digit number used to identify a HMDA reporting institution. RIDs often require leading zeros to meet the length requirement.
RestorationThe process of returning, as nearly as possible, a building or any of its parts to its original form and condition.
Retractable AwningAn awning attached to a frame which allows it to be extended out or folded or rolled back tight against the building façade
ReturnYour return is the profit or loss you have on your investments, including income and change in value.
Return On Average Common EquityNet income available to common stockholders, as a percentage of average common stockholder equity.
RevealThe side of an opening for a door or window between the frame and the outer surface of a wall, showing the wall’s thickness.
Reverse annuityA type of mortgage, designed for elderly homeowners with substantial equity, by which a lender periodically (monthly, for example) pays an amount to the…
reverse annuity mortgageA type of mortgage loan in which the lender makes periodic payments to the borrower. The borrower's equity in the home is used as security for the loan.
Reverse Mortgage (HECM)The reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of…
Reversible AlterationAn alteration in which the altered feature can be readily returned to its appearance prior to the alteration.
Revolving DebtCredit that is extended by a creditor under a plan in which (1) the creditor contemplates repeated transactions; (2) the creditor may impose a finance…
Right of First RefusalA provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he…
Right of RescissionRight to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan.
Risk Assessment Guidance (RAGS)Part A of RAGS describes how to conduct a site-specific baseline risk assessment. The information in Part A is necessary background for Part D.
Risk Based CapitalAn amount of capital needed to offset losses during a ten-year period with adverse circumstances.
Risk Based PricingFee structure used by creditors based on risks of granting credit to a borrower with a poor credit history.
Risk Management Plans (RMP)Facilities are required to submit risk management plans (RMP) to EPA. Risk management plans will be available to State and local governments and citizens…
Risk ScoringAn automated way to analyze a credit report verses a manual review. It takes into account late payments, outstanding debt, credit experience, and number…
Rock-facedMasonry treated with a rough surface that retains or simulates the irregular texture of natural stone.
Roll-down gateA security gate with a mechanism that allows it to roll up and down.
RolloverIf you move your assets from one investment to another, it's called a rollover.
Roof PlanA drawing showing the arrangement of fixtures on the roof
Rooftop additionA construction or an installation of mechanical equipment and/or occupiable space situated on any structure's roof.
RosetteA round floral ornament, usually carved or painted.
Rural Housing Service (RHS)An agency within the U.S. Department of Agriculture (USDA), which operates a range of programs to help rural communities and individuals by providing loan…
RusticationRusticated stonework composed of large blocks of masonry separated by wide, recessed joints; often imitated in other materials for decorative purposes.