Reconveyance is a process in which a lender transfers the title of a property back to the borrower once the mortgage debt is fully paid off. This legal document ensures the borrower's ownership of the property is unencumbered by the lender’s lien.
A standby fee is a sum required by a lender to provide a standby commitment within a certain period. This fee is forfeited by the borrower if the loan is not closed within the specified timeframe.
