Glossary |
Terms that are on use on this site.
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| R |
| There are 18 entries in the glossary. |
| Pages: 1 |
| R/A | Reassign. Transfer an assignment away from one rep and issue to another. |
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| Radon Testing | Monitoring methods used to provide indication of Radon levels present as compared to acceptable EPA levels. |
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| Re-Check | An inspection request for the inspector to return to the property to clarify conflicting information. |
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| Re-Keying | Replacing the locking mechanism in a lock to operate with another key instead of the one that came with the lock. After this process the old key will not work; only the new key will work. |
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| REAC | The Real Estate Assessment Center (REAC) is an organization within HUD Public and Indian Housing (PIH) that is responsible for capturing, standardizing, improving and evaluating data from the portfolio of properties for which HUD has a financial interest or statutory obligation to monitor. |
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| Real Estate Owned | Property acquired by the Servicer on behalf of the Trust through foreclosure or deed-in-lieu of foreclosure on a defaulted loan. The servicer is typically responsible for selling the REO. Proceeds from the sale are returned to the trust. In most cases, the sale of REO does not generate enough to pay off the balance on the loan underlying the REO, causing a loss to the pool. |
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| Reassign | Transfer an assignment away from one rep and issue to another. |
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| Reconveyance | The transfer of property from one owner to another; specifically to transfer title or interest in property from present owner back to previous owner. The following definition is courtesy of the staff at OfficeTiger Global Real Estate Services: A reconveyance is when you are basically re-keying a house back to FHA specs. You would need to either re-key all the doors to the FHA key code or make sure all are already done make sure winterized and note if it is still intact cut the grass remove stickers from prior contractors and companies and put on the current clients note utility information secure or make sure all outbuildings are secured to A389 padlock take interior and exterior property condition photos bid/note all damages and h/h and debris. That is a general definition and procedure. Obviously each client can be more specific or differ a little bit - but in general they all have to follow the same guidelines. |
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| Redemption Period | A period of time in which the displaced person can re-acquire the property if they can get the cash or funding. They can pay off the entity that bought it at the auction, most often the bank, and keep the home. |
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| Regional | A company that needs independent contractors only a certain region of the United States. |
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| Reglaze Broken Glass | Replace the glass in broken windows and doors to secure the property. The applicable published regulatory fee schedule for the loan type will be followed. If no regulatory guideline exist for the loan type, or there is no published fee in the guidelines for the local area or the work cannot be completed for the applicable regulatory published fee, an estimate is to be provided to complete the reglazing. |
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| REO | “Real Estate Owned” can be read simply as “bank owned”. |
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| REO Property Condition Report | The report following an on-site inspection of a property for the purpose of informing the owner of the present condition and any possible hazards or risks associated with the property, maintenance issues and repair recommendations. This report is also known as property condition surveys, physical assessment reports, physical needs assessments, or engineering reports. Property condition reports normally provide detailed information on the design, features and operating systems such as plumbing and electrical. The property condition report should also indicate and deterioration or out-dated functions of the property that would effect the value of the property. Depending on the type of property, the owner my additionally request that the property condition report include:Â information on zoning regulations building codes that may affect the value of the property review of construction drawings and related documentation operations and maintenance procedures with property personnel occupancy levels safety systems evaluation zoning utilities flood plain evaluation photographs floor plans or other diagrams |
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| REO Services | Activities at a property to repair or improve the property owned by a loan servicer that improves the marketability and value of the propery and/or prevent loss of value to the property. Some physical activities that are performed are: # Board Up # Lawn Maintenance # Pool Securing # Re-Keying # Winterization Marketing activities that improve the marketablity of the property or decrease the expense of ownership for the loan servicer may include: # Cash for keys negotiation # Eviction Representation # Secret Shopper REO Report # Broker Report # REO Property Condition Report |
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| Rep ID | An alpha-numeric identification of an independent contractor or field services business such as: DIGFS, 71253, AL222, 60253. |
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| RepNetSchool™ | The web site for instruction in the business of The Field Services Business. The web site URL is www.RepNetSchool.com |
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| Resecure As Required | Return and secure an
unsecured property that was previously secured. The property is to be secured
according to the regulatory specifications for the loan type, unless otherwise
instructed. |
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| Rush Inspection | Any type of inspection can be classified as a rush inspection.
Common requests: RUSH 24, RUSH 48, RUSH 72. The inspection must be performed and returned within the time limit specified such as 24 hours, 48 hours or 72 hours.
Normally, RUSH inspections are faxed or phoned in immediately.
Rush inspections pay more than regular inspections however they normally do have a priority status over other work you may have already planned or routed for the day. |
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