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F-3-18, Acronyms and Glossary of Defined Terms: R (12/20/2023)

rapid payment method (RPM) remittance cycle

A payment cycle used for scheduled/scheduled remittance types for MBS pools that has an early remittance date (usually the 10th of the month, although earlier or later dates can be negotiated) for both scheduled and unscheduled payments.


Rural Development


Requirements for Document Custodians


The movement of a delinquent special servicing option MBS mortgage loan that meets specified criteria from the MBS pool into Fannie Mae’s portfolio. Under certain scenarios as described in this Guide, delinquent regular servicing option mortgage loans will also be removed from the MBS pool into Fannie Mae’s portfolio.

recognition agreement

An agreement on the part of a co-op corporation to recognize specific rights of sellers who finance share loans in the project (or those of the sellers’ successors and assigns).


The obligation of the seller to cover losses the buyer incurs as a result of a default on the note. Under a portfolio mortgage loan transaction, a seller that sells a mortgage loan to Fannie Mae under the “with recourse” servicing option assumes the entire risk of borrower default, while a seller that sells a mortgage loan under the “without recourse” servicing option transfers the risk of borrower default to Fannie Mae. (See regular servicing option and special servicing option for equivalent terms for MBS transactions.)

redemption period

The specified period in which a borrower can reclaim foreclosed property by making full payment of the mortgage debt, under a legally enforceable right of redemption in some states.

regular servicing option

A guaranty fee option for an MBS pool under which the seller assumes the entire risk of loss from a borrower default; a servicing option for RD-guaranteed mortgage loans under which the servicer is fully responsible for any losses not recovered from the RD. (See recourse for the equivalent term for a portfolio mortgage loan delivery.)


The borrower’s spouse, child, or other dependent or any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.

release of liability

A written agreement whereby Fannie Mae releases a borrower from personal liability under the mortgage loan because a second party (the property purchaser or transferee) has been credit qualified and agreed to assume liability of the mortgage loan.

remaining term

Original term less the number of payments that have been applied.


Real Estate Mortgage Investment Conduit

remittance cycle

A schedule for determining when funds must be remitted to Fannie Mae each month. Portfolio mortgage loans generally have only a single remittance cycle (regardless of the remittance type), but MBS mortgage loans have three different remittance cycles (standard, RPM, and MBS Express).

remittance date

The date on which the servicer’s remittances are due to Fannie Mae. There is no specific remittance date for actual/actual remittance types since the remittance is based on the amount of funds accumulated at any time. For scheduled/scheduled remittance types, the usual remittance date for the P&I distribution amounts is the 18th of the month (although the servicer may choose an earlier remittance date under either the RPM or MBS Express remittance cycles). For scheduled/actual remittance types, the remittance date is the 20th of the month.

remittance type

A way of determining the composition of the servicer’s required remittance to Fannie Mae. For portfolio mortgage loans, there are three types (actual/actual, scheduled/actual, and scheduled/scheduled).

remittance type code

A unique code that is used to identify monies related to individual drafts reported through the CRS. There are a different series of codes for P&I remittances and special remittances.

renovation escrow account

An account that is established at closing for a renovation or energy-related improvement mortgage loan. It includes the renovation costs, the contingency reserve, and any escrowed monthly payments (if applicable) or monies that the borrower provides from their own funds. These funds are then used to pay for completed repair and renovation work and, if applicable, to make the monthly payments that come due during the renovation period.


real estate owned


An automated notice that a property has been acquired by foreclosure or acceptance of a Mortgage Release (deed-in-lieu of foreclosure), which serves as a confirmation for potential property on-boarding and dispositions.

repayment plan

An arrangement made to repay delinquent installments or advances.

repurchase date

The date through which interest must be calculated when a seller/servicer is required to repurchase a mortgage loan or an acquired property from Fannie Mae; the date on which the seller redelivers mortgage loans funded in certain early funding transactions to Fannie Mae for portfolio mortgage loan purchase or for securitization under an As Soon As Pooled Sale transaction.

repurchase price

The percentage of par that the seller/servicer must apply to the unpaid balance or outstanding debt of a mortgage loan or acquired property that it has to repurchase from Fannie Mae; the sum of the purchase price and the price differential for an As Soon As Pooled Plus™ settlement.

required margin

Fannie Mae’s posted commitment margin for each ARM plan plus all applicable adjustments.

required yield

Fannie Mae’s commitment yield plus all applicable adjustments. This yield does not include a servicing fee.

rescission of MI

Notification by the mortgage insurer that it has made the determination to rescind coverage in connection with a specified mortgage loan due to a breach of one or more provisions of the applicable mortgage guaranty insurance policy.

residential home mortgage

A mortgage that covers a one- to four-unit dwelling that is used to provide living accommodations.


Real Estate Settlement Procedures Act

responsible party

A seller, servicer, or other entity that is responsible for the selling representations and warranties and/or for the servicing responsibilities or liabilities on a mortgage loan.

revocable trust (or living trust)

A trust that an individual creates during their lifetime that becomes effective during their lifetime, but which can be changed or canceled at any time for any reason during its creator’s lifetime.


Rural Housing Service


remote ink-signed notarization


Republic Mortgage Insurance Company


rapid payment method

rule of 78s

A method used to calculate an interest rebate when an installment loan that had add-on interest is paid off (or refinanced) prior to its maturity date.