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Real Estate Settlement Procedures Act (RESPA): A federal law that requires lenders to provide mortgage loan borrowers with information of known or estimated settlement costs.

Real Property: Land and any improvements permanently affixed to it, such as buildings.

Reconveyance: The transfer of property back to the owner when a mortgage loan is fully repaid.

Recording: The act of entering documents concerning title to a property into the public records.

Recording Fee: Money paid to an agent for entering the sale of a property into the public records.

Refinancing: The process of paying off one loan with the proceeds from a new loan secured by the same property.

Replevin: A legal proceeding in court to seize property (other than real estate) given as security for a debt that is in default.
 
Reserve: An amount a funding source holds in its account to cover potential payment defaults. After a certain time period has passed, the funding source rebates the reserve to the client less any fees or charges for delinquency. Also called a bad debt reserve.

RESPA: Real Estate Settlement Procedures Act. A federal law that requires lenders to provide mortgage loan borrowers with information of known or estimated settlement costs.

Right to Rescission: Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.