Definition
RESPA
The Real Estate Settlement Procedures Act, governing settlement practices and prohibiting kickbacks for referrals of settlement services.
Nearby terms
Recording
Entering a document into the public land records, which establishes priority among competing claims.
Reserves
Liquid assets remaining after closing, expressed in months of housing payments.
Right of Rescission
A three-business-day window to cancel a refinance on a primary residence after signing.
Seasoning
The length of time funds have been in an account or a loan has been held, used to satisfy sourcing and eligibility requirements.
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