Deed
A document by which the ownership of real property is transferred from one party to another.

Deed in Lieu
A deed given by a mortgagor to a mortgagee to satisfy a debt and avoid foreclosure.

Default
Failure to make mortgage payments on a timely basis or to comply with other conditions of a mortgage.

Deferred Interest
See Negative Amortization.

Deficiency Judgment
A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan. Deficiency judgments are not allowed in all states.

Delinquency
A loan in which a payment is overdue but not yet in default.

Depreciation
A decline in the value of property; the opposite of appriciation.

Discount Points
See Points.

DO
Desktop Originator - FNMA.
Down Payment The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.

DU
Desktop Underwriter - FNMA.

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