Home > Mobile Home Finance Dictionary > R As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

 

Looking for a specific term? Our mobile home dictionary is organized by letter.

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Real Estate Broker: A real estate agent that is authorized to open and run his or her own agency. Most states require real estate brokers to also be licensed dealers when selling manufactured homes in parks or communities where the land is leased.

Real Estate Owned: (REO) A term used for property acquired through foreclosure by a lender and currently held in inventory.

Real Estate Settlement Procedures Act (RESPA): A lending regulation that establishes laws and procedures for closing mortgage loans.  RESPA prohibits cost increasing practices, such as kickbacks and referral fees and requires advance disclosure of settlement costs.

Real estate trust: A special arrangement under federal and state laws whereby investors may pool funds for investments in real estate and mortgages and be able to avoid corporate taxation by having the profits passed to individual investors who pay taxes.

REALTOR®: A licensee who is either a broker or a salesperson and is affiliated with and a member of a local, state and the National Association of REALTORS®, NAR.

Reciprocity: The mutual exchange of privileges between groups or states which in real estate would be the recognition of the license of one state in another which very few states do.

Redlining: An illegal practice of discrimination against a particular ethnic group by mortgage lenders who decide that certain areas of a community are too high risk and refuse to lend to buyers who want to purchase property in those areas, regardless of their qualifications or creditworthiness. 

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

Replacement Coverage: An optional insurance feature available on both a house and its contents that pays to restore it to it's original condition if the home is damaged or replace contents if they are lost.

Repossession: Property that is taken back by the creditor when the borrower does not make payments due on the property.

Reverse Mortgage: A special type of home loan that lets an elderly homeowner convert the equity in the home into cash. Reverse mortgages are not offered by CAMHF.

Revolving Account: A credit agreement that allows a borrower to pay all or part of the outstanding balance on an account.  As credit is paid off, it becomes available again to use for another purchase or cash advance.

Risk rating: A quatifiable rating system used by a lender that usually employs grids to develop precise and relative figures for the purpose of determining the overall soundness of a loan.

Rollover loan: A mortgage that at its termination can be rewritten or renewed and whose terms may be changed with each rollover period.

 

 

 

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