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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2


The interest rate charged on a loan that is a monthly percentage relationship between the payments and the total amount borrowed, including fees.

Recording Fee

Money paid to the lender for the recording of a home sale with local authorities, thereby making it part of the public records. Recording fees are generally paid to the county recorder.


The process of paying off one loan with the proceeds from a new loan using the same property as security. Refinances create a lot of work for signing agents as there are notarized documents in all refinances.


In the context of the notary profession, the verb "To rescind" would be used when a borrower cancels their loan by rescinding. The document that authorizes the borrower to rescind is the notice of right to cancel...


The act of a borrower canceling a loan. Please refer to the document called, "The Right to Cancel" for more information. Not all loans have a right to rescission. Commercial loans might not have a right to...


A written statement that one is resigning a position or office. A notary public can resign their commission by notifying their notary division in writing. Upon resigning they would have to...

RESPA Servicing Disclosure

RESPA stands for Real Estate Settlement Procedures Act and is a consumer protection statute. RESPA requires that the borrowers receive periodical disclosures elaborating on the costs involved in the settlement...

Reverse Mortgage

A type of mortgage typically used by equity-rich seniors, where the lender makes regular tax-free monthly payments to the borrower either for life, or until the borrower sells the property. To qualify for a reverse...


To cancel or rescind. A notary commission could be revoked if the notary public engaged in any misconduct. The state notary division where the notary is commissioned has the right to revoke a notary's commission.


Riders (or addenda) are special attachments (separate sheets) that become part of the contract in certain situations. There could be multi-state riders, prepayment riders, adjustable rate riders, convertible...

Right to Cancel

A loan document that gives the borrower the right to Cancel their loan within three days, not including Sundays or Federal holidays. The borrower would be able to fax a request or send a request in writing to cancel their...