All of "D" Flashcards
Debt
Liability on a loan. (The state of owing money)
Declaration Page
The front page of a policy. (That specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. The declarations page is also known as the information page.)
Delinquent Loan
When a borrower is behind on payments. (If the borrower is a delinquent for too long, the lender will declare the loan to be in default)
DD-214 (Dept of Defense)(Certificate of Release or Discharge from Active duty)
When a military service member retires and gets discharged from active duty.
Deed
A legal document signed from the seller to the borrower showing ownership of property.
Deed-in-Lieu of Foreclosure
An arrangement to satisfy a loan that is in default to avoid foreclosure. (When you turn over ownership to the lender)
Deed of Reconveyance
The return of title to the original owner. (usually used when a mortgage has been paid in full) (Indicates that the borrower has been released from the mortgage debt)
Deed of Trust
A secured real estate transaction that some states use instead of mortgages.
Default
Failure to fulfill an obligation, especially to repay a loan.
Delinquency
A debt that is overdue in payment.
Department of Veterans Affairs (VA)
An agency that provides benefits, health care to military veterans.
Depreciation
A reduction in value or price of an asset. (Based of use, wear,age,tear)
Discount point
Helped lower your interest rate in exchange paying for an upfront fee. (Fee is equal to 1 percent of the loan amount, and can go from0-4 points)
Dodd-frank Wall Street Reform & Consumer Protection Act (2010)
A financial stability of the U.S by improving account ability.
Double Selling
A type of real estate or mortgage fraud that generally involves a mortgage broker. (The broke takes info of a borrower to take a mortgage loan) (This is a mortgage fraud scam)
