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Trusted expertise, quality, excellence and integrity lay at the cornerstones of PMBC. As such, we are committed to providing nothing short of prompt, responsive, personalized attention to your home financing needs. At PMBC, you will find that each member of our team is devoted to being accessible, attentive and caring to your mortgage needs no matter what your situation may be.
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Professional Mortgage Bankers Corp.
Corporate Headquarters
400 Post Avenue, Suite 410
Westbury, New York 11590
Tel: 516.333.7800
Fax: 516.333.8004
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Debt: any amount of money, goods, or services one person owes to another.
Debt Ratio: a borrower’s monthly payment obligations divided by gross monthly income.
Deed: legal document that transfers ownership of real property from one person to another.
Deed-in-lieu: to avoid foreclosure, a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs associated with foreclosure.
Deed of Trust: legal document that conveys title to real estate to a neutral third party who holds the title until the borrower has repaid the debt.
Default: failure to make loan payments as agreed to in the terms of the mortgage or deed of trust.
Delinquency: failure to make mortgage payments when mortgage payments are due.
Delinquent Mortgage: mortgage that is behind on regularly scheduled payments.
Deposit: money the buyer offers when extending an offer to purchase a property in order to show good faith to ensure payment.
Depreciation: property’s decline in value due to wear and tear, adverse changes in the neighborhood, or any other reasons.
Desktop Underwriter®: Fannie Mae's computer-based, automated underwriting system. In the past, underwriting was a manual process that took between 30 and 60 days. With Desktop Underwriter, the underwriting process can take minutes.
Detached Single-Family Home: the most traditional type of single-family home. It stands separate from any other housing structure and serves as a place of residence for the occupants.
Direct Leveraging Loan Program: Direct Leveraging Loan Program makes it easier and more economical for rural residents to own a home through lower interest rates and no down payment.
Discharge: final step in bankruptcy proceedings, in which debts are no longer owed or collectable.
Disclosure: statement to a potential buyer of a property, including all of the relevant information about that property.
Discount Points: fees that a borrower pays to lower the interest rate on a loan. Each point is equal to one percent of the loan amount.
Distressed Property: property in poor physical condition.
Documentary Stamps: state tax, in the form of stamps, that is required on deeds and mortgages when property titles pass from one owner to another. The fee is generally paid to the state.
Down Payment: portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Dual Agent: agent who represents both the buyer and the seller in a transaction.
Due-On-Sale Clause: provision in a mortgage that allows the lender to demand full payment of the outstanding mortgage loan balance if the borrower sells the property securing mortgage.
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