Primary or Principal Residencethe property in which the homeowner will live most of the time, as distinct from a second home or an investor property that will be rented.
Primary residence/second homeA property is classified as a primary residence if it is the place where the owner lives most of the time.
Prime MortgagesA classification of mortgages that are considered to be of high quality.
Prime RateThe prime rate is a benchmark for interest rates on business and consumer loans.
PrincipalFace value of an obligation, such as a bond or a loan, that must be repaid at maturity.
Principal and interest payment (P & I)A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to amortization of the principal…
Principal FaçadeA facade facing a street or a public thoroughfare that is not necessarily a municipally dedicated space, such as a mews or court.
Private Mortgage InsuranceInsurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance
Private Mortgage Insurance (PMI)(PMI)Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to…
Private-Label Mortgagesloans that are not owned or guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae, or another Federal agency.
Promissory NoteA written promise to repay a specified amount over a specified period of time.
propertyFor this survey, property means real estate; that is, land and anything permanently affixed to the land, such as buildings and those things attached to…
Property (Fixture and Non-Fixture)In a real estate contract, the property is the land within the legally described boundaries and all permanent structures and fixtures.
Property insuranceA form of insurance that protects real property against certain risks, such as from fires or storms; often called fire and hazard insurance.
Property taxThe amount which the state and/or locality assesses as a tax on a piece of property.
Property Tax DeductionThe U.S. tax code allows homeowners to deduct the amount they have paid in property taxes from there total income.
Property TypeIndicates whether the loan or application was for a one-to-four-family dwelling (other than manufactured housing), manufactured housing, or multifamily…
prorateTo proportionally divide amounts owed by the buyer and the seller at closing.
Public Record InformationCourt records of events that are a matter of public interest such as credit, bankruptcy, foreclosure and tax liens.
Public ThoroughfareAny publicly accessible right of way including, but not limited to a street, sidewalk, public park, and path.
Punch ListA list of items that have not been completed at the time of the final walk through of a newly constructed home.
Purchase agreementSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Purchase and Sale AgreementA document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would…
Purchase OfferA detailed, written document that makes an offer to purchase a property, and that may be amended several times in the process of negotiations.
Purchase priceThe amount of money paid for the property, including down payment and mortgage, but excluding closing costs and other fees.
qualificationAs determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower's credit history, employment status, assets, debts…
Qualifying RatiosCalculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower's total monthly income to…
Quality ControlA system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender's standards and, if applicable, the…
Quality EditsThe data in question do not agree with an expected standard (value). Review for correctness and change only if erroneous data has been reported.
Quitclaim DeedA deed transferring ownership of a property but does not make any guarantee of clear title.
QuoinA structural form, usually of masonry, used at the corners of a building for the purpose of reinforcement, frequently imitated for decorative purposes.
RadonA toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses.
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)(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)(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)(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)(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)(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)(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)(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…