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| Datedown Addendum |
An update to the Preliminary Title Report/Title Commitment that reflects any changes to title since the original title report was prepared. See UPDATE ADDENDUM
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| Debt Consolidation Loan |
A loan that combines debt obligations into one debt.
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| Debt Load |
The total amount of debt a customer currently owes.
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| Debt Ratio (DR) |
The percentage of the customers' gross monthly income allocated to pay the monthly installments on their debt owing. See BACK-END DEBT RATIO, FRONT-END DEBT RATIO
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| Debtor |
One who owes debt.
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| Deed |
A written instrument by which a property owner, the "grantor," conveys and transfers to a "grantee" an ownership interest in real property.
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| Deed in Lieu |
A deed given by a mortgagor to a mortgagee to satisfy a debt and avoid foreclosure.
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| Deed of Reconveyance |
A document used to transfer legal title from the trustee back to the borrower after a debt secured by a deed of trust has been paid in full.
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| Deed of Trust |
A security instrument used in some states in place of a mortgage by which legal title is conveyed to one or more trustees to secure the repayment of a debt. See TRUST DEED
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| Default |
Failure to meet legal obligations of a contract such as the failure to make the monthly mortgage payment or the failure to pay property taxes when due or maintain hazard insurance on the property.
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| Deferred Maintenance |
Repairs necessary to restore a property to good condition.
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| Deficiency Judgment |
The imposition of personal liability on a borrower for the unpaid balance of a mortgage secured loan after foreclosure has failed to satisfy the full amount due to the lender.
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| Delinquency |
Failure to make payments when due.
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| Demand |
A letter from a lender showing the total amount due to pay off a mortgage or trust deed, inclusive of unpaid principal, interest, impound amounts, prepayment penalty, etc. Also, known as a Demand for Payoff Request or Beneficiaries Demand Letter.
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| Demand Feature |
A feature that defines circumstances under which the remaining principal and interest amount of the loan is due and payable on demand.
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| Depreciation |
A decrease in value to real property improvements caused by age, deterioration or functional obsolescence.
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| Derog Letter |
A letter written by the borrower that explains any derogatory information or reporting on the credit report.
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| Disbursements |
Payments made on behalf of the borrower pursuant to the instructions on the HID Settlement Statement.
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| Discharge |
Following a completed bankruptcy proceeding, discharged debts are no longer enforceable. The customer has successfully completed the process and debtors are either paid in full or eliminated based on the plan.
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| Disposition |
See FINAL DISPOSITION
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| Divorce Decree |
A document issued by the court that dissolves the marriage relation.
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| Docs |
Abbreviation for mortgage loan documents.
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| Dower Rights |
A common law interest that a wife acquires in her husband's property at the time of his death. Dower has been abolished in most states.
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| Down Payment |
The difference between the purchase price and the mortgage amount for home purchase transactions.
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| Dr |
An acronym for debt ratio. See DEBT RATIO (DR)
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| Duplex |
Any building containing 2 separate dwelling units.
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