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rate cap
See: cap
RESPA
Abbreviation for the Real Estate Settlement Procedures Act. This act allows consumers to review settlement costs at application and once again prior to closing.
reverse annuity mortgage
A 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.
RHCDS
Rural Housing and Community Service
right of first refusal
The right to purchase a property under conditions and terms made by another buyer and accepted by the seller.
right of rescission
The right to back out of a transaction, given automatically by law to the borrower in a real estate purchase transaction. When a borrower's principal dwelling is going to secure a loan, the borrower has three business days following signing of the loan documents to rescind or cancel the transaction. Any and all money paid by the borrower must be refunded upon rescission. The right to rescind does not apply to loans to purchase real estate or to refinance a loan under the same terms and conditions where no additional funds will be added to the existing loan.
rollover
The process by which a construction loan becomes a mortgage. At the end of the construction loan period, the borrower's file is delivered to Bank One Mortgage Loan Servicing Dept. Prior to delivery, CLD contacts the borrower and obtains funds for the tax and insurance escrows, a final title policy and homeowner's policy. This process is called a rollover.
Rural Housing and Community Development Service
A federal agency that administers mortgage loans for buyers in rural areas
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