While you slept, the appraisal industry had yet another “check” placed upon it: Collateral Underwriting. Weeks into it appraisers are adjusting, but the warnings are clear; appraisers must have justification for everything in the report. Opinions? Fuggettaboutit – did you agents and sellers hear that?
Regulations state that appraisal adjustments cannot be based upon an appraiser’s opinion. According to federal and state law, adjustments must be based on support and evidence – proof if you will, and an appraiser’s opinion is not considered to be “support.” Many appraisers have failed to support their adjustments and as a result have had their licenses revoked, penalties assessed and lawsuits lost, all because the they failed to understand a single but important requirement. – Richard Hagar, SRA
So what’s the impact on home buyers and sellers AND agents? It’s pretty simple and the basic tenant hasn’t changed – provide tangible data to support value and adjustment positions. What has changed, is the noose that’s even tighter on appraisers. Fannie Mae defines Collateral Underwriting as:
Collateral Underwriter (CU) is a proprietary model-driven tool developed by Fannie Mae that provides an automated appraisal risk assessment to support proactive management of appraisal quality. Fannie Mae will make CU available in 2015 to provide transparency and help lenders more effectively and efficiently identify issues with appraisals.
In case you missed it, reread the first sentence and note the word “automated”. The marble mouthed government speak is best said as “appraisals will be reviewed by software to validate adjustments and comparable selection”. Boil it down even further, most understand a “zesstimate” and most are also annoyed when they complete one on their home. A zestimate is an AVM – defined as:
Automated valuation model (AVM) is the name given to a service that can provide real estate property valuations using mathematical modelling combined with a database. Most AVMs calculate a property’s value at a specific point in time by analyzing values of comparable properties.
Right. In simple terms, it’s a computer program that “analyzes” data to arrive at an estimated market value. There are obvious fundamental flaws using computers for this – real estate is perhaps the most unique entity in the world, no two parcels or homes are alike and conditions behind a sale are never the same.
So if you as a seller or your agent feel that changing the cabinet pulls adds $7500 or replacing the gold “brass look” ’88 bathroom strip light adds $2000, bring something to support that. That condo on the 10th floor is worth $75000 more than the same exact units on the 5th and 6th floor? Support it.
The idea that “checks” are going to be made by computer programs is completely asinine – the unique nature of real estate precludes this type of blanket research. However, the appraisal organizations allowed this to occur and this has been in motion for years. Collateral Underwriting involves more than this but the end result is clear: an appraiser’s opinion, agent’s opinion or seller’s opinion is not considered to be “support”.
Kristen Haynes, Broker In Charge, Realtor, NC / SC, GC, CMRS
Says Kristen from New Home Buyers Brokers / Realty Pros, www.NewHomesNC-SC.com: “I would argue appraisals in truth serve no purpose in residential real estate transactions. Market value is and should be defined as what a ready, willing and able buyer will pay for the property. Appraisals have always served only one, true purpose: to supply the bank a scapegoat if they end up foreclosing and then can’t get the property sold for what’s left outstanding on the mortgage. Yet, “Automated Appraisal “reviews are allowed, and even encouraged? Don’t make me laugh- they are as pointless as automated estimates of value (think Zillow’s Zestimates)-utterly worthless. Just sayin’. we have been fighting low ball appraisals for years after the banking fall out, due to Appraisers not wanting to get in trouble with the feds due to what was the new federal HVCC rules (we call in HAVOC in the business). We have a socialistic system that doen’t allow lenders to choose the best, local or most experienced appraisers- we have appraisers sfrom Salisbury chosen to come down into Indian Land, or appraisers who don’t know how to value new construction doing appraisals that they can’t “find comps” for (call the builder, most “to-be-builts” never hit the MLS, as they are built for a particular homeowner, unless they are a “spec” or cancelled contract. So now, more regulations, when we are just starting to see Appraisals get more realistic?” What’s your opinion?
Mortgage rates mostly leveled off last week, with limited data for markets to digest. The biggest news
of the week came from Europe, where the European Central Bank announced a quantitative easing
program to purchase sovereign debt of member countries. There is debate as to whether this program will make much of an impact; with some arguing that it will keep pushing money to the US.
Markets will have plenty to chew on this week, with some major economic reports and a meeting of
the Federal Reserve. Many analysts are hoping that the Fed will bring some additional clarity as to
whether it intends to begin increasing rates this summer. It is not likely that we will receive much
more guidance from this meeting. However, if the Fed does seem likely to begin increasing rates this
summer, then rates may start slowly moving upward now. On Friday, the first estimate of 4th quarter
GDP is due. Expectations are for a drop from the 5.0% of the 3rd quarter. If we are surprised again,
and GDP was much stronger than expected, rates are likely to begin pressing upward.
Worth Remembering Gen Y in the Burbs or the City?
Nothing’s better than the
wind to your back, the
sun in front of you, and
your friends beside you.
Aaron Douglas Trimble
A new survey from the National Association of Home Builders has thrown more doubt on what many economists and city planners have assumed, that is, that those born in the 1980’s and 1990’s prefer to live in the city. The recent survey found that 66% of survey Gen Y’ers want to live in the suburbs, 24% want to live in rural areas and 10% want to live in a city center. The most predominate reason was a desire to have a larger home with three or more bedrooms.
Mortgage Rate Watcher
Volatility High 2.00%
4.50% – Average expected 30 year rate for A = credit for first quarter of 2015
Based on: 12 Mn Libor 0.623% 6 Mo Libor 0.357% 11th D. COFI 0.686% Prime 3.250% Fed Fund 0.250%
FANNIE MAE IS OFFERING A FREE 3.50% DOWN PAYMENT (AND OTHER INCENTIVES) FOR A VERY LIMITED TIME!
Please distribute to your network, so as many people as possible have the opportunity to benefit from this unique, one-time deal, never before offered by the federal government!
To reduce its inventory of foreclosed homes, Fannie Mae is now offering qualified owner-occupant purchasers cash incentives toward closing costs in the amount of 3.5% of the purchase price of a home!
By Kenneth R. Harney February 27, 2014, 5:00 a.m.
WASHINGTON — If you’re planning to shop for a home in the next few weeks, here’s an early spring buying season come-on that just might save you some money if you qualify. Fannie Mae, the largest mortgage investor in the country, has a bulging portfolio of houses acquired through foreclosures nationwide. About 31,000 of these properties are listed on its resale marketing site.
To move them quickly out of inventory, Fannie Mae temporarily is offering qualified owner-occupant purchasers — but not investors until after a waiting period — cash incentives toward closing costs of 3.5% of the purchase price. But you have to submit your initial offer no later than March 31 and close by May 31.
What sort of houses are we talking about? Have your Realtor send you information or go to: www.homepath.com and you’ll see. They run the gamut — from a one-bedroom condo in San Diego to a four-bedroom, four-bath single-family home in suburban Montgomery Village, Md. Some states have thousands of HomePath listings online: Florida has nearly 12,000; Illinois, 4,360; Ohio, 2,800; California, more than 2,300; Washington state, nearly 1,800; and Nevada, about 1,400.
Asking prices range from $30,000 to $600,000 or more. On a $400,000 house, the 3.5% closing cost incentive would amount to $14,000. • Also • Finding ways to help young adults make their first home purchases • Strategies for getting a mortgage amid tougher federal rules • Mortgage servicer shenanigans keep consumer watchdogs busy. To ensure that buyers who intend to occupy its homes get an opportunity to fully check them out and bid without competition from investment groups offering all-cash deals, Fannie has instituted what it calls a First Look program. It essentially prohibits bids from investors on properties during the first 20 days after listing (30 days in Nevada).
After that, investors are free to jump in. Each First Look listing has a countdown clock attached to it that indicates the number of days remaining before bidding is opened to all comers. The new 3.5% closing cost offer is available only during active First Look periods from mid-February through March, so there’s not a lot of time to get involved. Bidders will need to indicate upfront that they want to be considered for a closing-cost discount. Who is eligible? First, you’ve got to be a bona fide owner-occupant purchaser and commit to live in the house as a primary residence for at least a year.
You’ll need to fill out a certification to that effect that can be found on the site. Properties are not available in all states. You don’t have to be a first-time buyer, though the Fannie program is likely to attract substantial numbers of them. The 3.5% closing cost discount helps with one of the biggest problems faced by first-timers — upfront cash. As with most home purchases, you’ll need to be able to qualify for mortgage financing. Though Fannie may end up owning or securitizing the loan you obtain, it won’t be financing you directly.
On HomePath purchases, you shop for a mortgage just as you would on any other house. Ideally, you nail down a financing source and get prequalified for mortgage money up to a specific dollar limit at current interest rates. If you’ve already located a First Look property and qualify, the lender is likely to take the 3.5% closing cost incentive into consideration in evaluating your application.
While you shop on HomePath, however, keep this important factor in mind: These are foreclosed, previously occupied homes. Though some of them are repaired, painted and spiffed up before they are listed, many could use some additional work. They are sold “as is” and that’s built into the pricing. Fannie identifies what it calls “improved” properties on the HomePath site — those that have undergone significant repairs — with either the “Home Depot” logo (when repairs have been made by contractors from that company) or a hammer and roof symbol (when repairs have been completed by independent contractors hired by Fannie).
Your Realtor will help you make a bid on the property of your choice. It’s best to use the service of an experienced Realtor due to the myriad of contract provisions that need to be met throughout the process (like home inspections, de-winterizing a property for inspections, using an approved lender and attorney, etc). You may also want to check out other sources for distressed properties with your Realtor, such as HUD homes: www.HUD.gov.
Your Realtor / Broker will be experienced with distressed properties, such as foreclosures, pre-foreclosures, and HUD homes, and will be a vital resource to help you navigate through the maze of these type of purchases (one thing is for sure- these deals do not work like “normal” home purchases).
If you can’t find the First Look house you want, don’t give up. Freddie Mac, the other giant federal mortgage investor, also has thousands of foreclosed homes that it’s trying to dispose of — and its own First Look program — at its Home Path marketing site. Though Freddie Mac currently has no closing cost incentive offer, it does provide a $500 allowance toward the purchase of a home warranty policy, and it promotes special mortgage financing options on houses in some areas. If you qualify, that could mean a loan with no mortgage insurance, no appraisal and a 5% maximum down payment.
Want to know how much home you can qualify to buy? Contact Jenny Stoner or Kim Venable of Fairway Independent Mortgage Corporation: http://fairwaync.com
These are definitely worth checking out, whether you are on the fence about buying a home, or you are a seasoned investor looking for an extra-special deal!
Contact me for a list of properties in your area:
Direct: 704-905-4062 or Toll-Free: 1-877-372-2252.
Kristen Haynes, Realtor, BIC, GC, CMRS New Home Buyers Brokers / Realty Pros
Broker In Charge, Unlimited Building General Contractor, Certified Military Residential Specialist
Boards: 2009-2014, Professional Standards Committee, Charlotte Regional Realtor Association
2008-2009, Independent Broker Owner Council, Charlotte Regional Realtor Association
Member: Charlotte Regional Multiple Listing Service,Charleston-Trident Multiple Listing Service, National Association of Realtors, National HUD Broker, Charlotte Regional Realtor Association, NC Licensing Board for General Contractors, BBB. EHO
Brought to you by Kristen Haynes, Realtor / Broker In Charge of New Home Buyers Brokers / Realty Pros. Licensed in NC / SC since 1992.
If you’re thinking about purchasing a Foreclosure HUD Home or Bank Owned (REO) Property, use this informative guide to explain what happens throughout the complex Foreclosure ‘home buying’ process.
This was prepared to be an informative guide in the Foreclosure / Bank REO Purchasing process. The information contained herein is designed to create an informed consumer and to lessen the stress of the home buying process for future home buyers who are considering purchasing a Foreclosure, Pre-Foreclosure, bank owned (REO) or HUD property. Here’s a helpful link to HUD about buying government owned properties and foreclosures: (http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home).
How to make an Offer- Your Realtor / Broker will help you find and make an offer on all foreclosure or pre-foreclosure properties that interest you. Once you identify the “right” property, you and your Realtor will fill out the offer using the bank or government (HUD)’s forms and addendums (not using your state’s “normal” Offer To Purchase and Contract form that is typically used in your area). The MOST important thing to remember when purchasing a foreclosure, short sale (pre-foreclosure, where the owner is still on the title, foreclosure proceedings have commenced, but the bank does not yet have the house back), HUD home or distressed bank property is that NOTHING works the same as what you’re used to!
For statistics and trends in your area, and to get a “feel” for what is happening in your particular market, contact your local Realtor. You can do a nationwide search on our web site at: http://www.newhomesnc-sc.com. Another good source to start gathering information is: http://www.realtytrac.com/statsandtrends. Simply pick the state, city or zip code that you are interested in, and it gives you loads of market information to help you start your search.
REO (Real Estate Owned) Departments & Asset Managers require that all offers are to submitted be on their “Offer Worksheet”, or the online offer equivalent. If you are purchasing a HUD home, you must use HUD specific forms, not available to the general public. It must be filled out, in person, in triplicate, plus your Realtor / Broker will be required to make an online bid on your behalf. Bids must be submitted by an approved HUD Broker (go to: http://find-a-hud-home-today.com/find-a-hud-approved-broker). You must also use an approved HUD lender, and use the HUD approved attorney for your area. Double check before you start the process that your lender is HUD approved, if you are getting a loan.
You will have to provide a bank or cashier’s check with the offer in the amount that HUD specifies as the minimum (this is based on your offer price), a copy of your driver’s license or equivalent, and your social security number. If one tiny item is missing or out of place, your bid will be rejected, and you and your Realtor could lose the bid that would have been awarded to you. In most cases, it will then go to a second party, and you will have to start the house hunting process all over again!
It’s important to note that in most circumstances, HUD or the banks will have a “waiting period” of at least 11 days for investors- ie, non owner-occupants. They usually reserve a set period of time to try to first sell the homes to people who will occupy them, not rent them out. You will have to make a statement as to which type of buyer you are, and not being honest about it is a federal crime.
In addition to the contract, there are many additional addendums that you will also be required to sign. People feel like they are in “paperwork overload”! These addendums basically state that that you are purchasing the home “As-Is”, what your purchaser status is (ie, owner occupant or investor), and have other clauses to protect the seller. With HUD homes, usually there will be a “condition property report” attached, which shows you the result of any inspections that have already been done on the property and the problems with the home that have been identified. That does not mean that the inspections, however, FOUND everything. The homes are still sold “as-is”, buyer beware. Most pre-foreclosures and foreclosures do NOT have a property disclosure, so it’s best to have the home inspected or walk through with your friendly GC before you make a bid. Once your offer is awarded and the contract is executed (signed), you have a binding contract, and your earnest money is fully at risk if you try to back out because you found a defect later on.
The Bank Asset Manager’s role: – Your Realtor will also have to provide an Excel worksheets to the person handling the foreclosure file, and this person is the Bank Asset Manager. This worksheet simplifies the process for the Bank’s Asset Manager, because each Manager has hundreds of assets under management, and often in multiple states with vastly different forms. This is the main reason why people complain that they “don’t hear back or get updates” like they expect with their other “normal” past home purchase offers. You may end up in a multiple bid situation, and not know for weeks or months whether you “won the bid” or not. But remember- no news is good news, until you hear otherwise. Upon acceptance of the offer, all documents are sent by email or mail to the seller/ Asset Manager to your Realtor / Broker.
Presenting an Offer- All offers must be presented with earnest money (with a certified / bank check) AND a mortgage pre-approval from a major lender. They may even require you to get “pre-approved” with their own lender (though you do not have to use them for your financing). There are NO exceptions to the rule, so get approved with the lender PRIOR to submitting an offer, unless you are paying cash. Cash is always “king” when banks weigh different offers on the table- they don’t like worrying that a buyer’s loan may not be approved while it ties up their property. They know that by waiting for your loan approval, they may lose another buyer in the meantime. They will accept no Promissory notes, or offers contingent upon the sale of another property. “Cash” offers MUST be accompanied by proof of funds from your financial institution, proving that you have enough funds to complete the purchase.
How long before we (the Agent & Home Buyer) hear back?- The timing varies depending on the institution, the time of the month (month’s end taking longer), and the Asset Manager’s file load. Often the institutional seller is in a different time zone that creates delays in response times. Additionally, the more complex the offer, the more conditions that have to be met (inspections, appraisal, etc.), the more likely that approvals or responses have to come from “management,” again delaying response times. Your Realtor will be constantly checking the status of their files- and they will forward the information as soon as it becomes available to them.
Expect a slower-than normal process with little communication- Bank Asset Managers have a large number of foreclosures and pre-foreclosures under management, and do not respond to multiple and/or daily queries, no matter how anxious you are to hear news of your offer’s status. Continued multiple and/or daily queries slow down the process for everyone involved.
Try to remember that while these deals can be stressful, your Realtor, the other Realtor, and the bank are all working towards the common goal of closing on the subject property. Bank deals and short sales do not operate with the “same set of rules” as other homes or purchases you may have made in the past.
IF YOU HAVE NOT HEARD ANY RESPONSE FROM THE BANK, IT IS BECAUSE THERE IS NO UPDATE TO GIVE YOU YET. THERE MAY BE MULTIPLE OFFERS ON THE PROPERTY, OR THEY MAY BE IN THE “DUE DILIGENCE” PROCESS, OBTAINING A BPO (MARKET VALUE ANALYSIS) OF THE HOME, OR MAY BE WORKING THROUGH A FORECLOSURE HEARING OR BANKRUPTCY TRUSTEE.
Counter offers and extensions- Since all offers are submitted on the worksheet or online, if your offer is countered, it will be in the “worksheet” format, which will probably be unfamiliar to you. Once an offer is accepted, the entire “package” ie, the offer is put on the REO worksheet, counters addends, copy of the check, etc, is sent to the REO department for additional bank signatures. At this time, you, as the buyer, may be required to sign additional addendums. The banks or HUD *may* grant you an extension if, through no fault of your own, you need an extra week or two to close the loan. They have forms for that that your Realtor / Broker can obtain. However, they do not HAVE to grant an extension. That’s why it is a good idea to get your ducks in a row, your loan fully approved, and any appraisals done asap. They will also charge you for each day of the extension! Why have we received the seller’s offer or counter offer with no signatures?- These forms are generated by the Lender’s REO manager and often come to the listing agent as an email attachment once the verbal agreement has been accepted. Once an agreement is in place, the file is then given to corporate management for signatures to match yours.
If you are obtaining a loan to purchase the property, this is the time to make sure that you get all of you paperwork- including all W2s, tax forms for the past two years (yes, they must be filed with the IRS, not just “in process for you to use that tax year to qualify), all wage or alimony and child support statements, any filed separation agreements, etc.) to your lender (unless it’s a cash offer), so they may begin the loan process. Realistically, you should start this process and be “ready to strike” before you find the perfect home, because it will make your deal MUCH stronger to the bank’s underwriters if you are getting a loan. Keep in mind that when dealing with a bank, they may have odd hours, in different time zones, and do not work weekends- so seller signatures can take a week or two to get back. Also, if you cause a delay in closing, Asset Managers will charge “per diem” charges (of they don’t cancel your bid and take another contract) if the loan is not ready to fund and close by the agreed-to closing date.
Verbal agreements- Once you are informed that your offer is accepted, it is. (acceptance may be accompanied by a worksheet that your Realtor may be required to also have you sign). Generally, this will be emailed to your Realtor by the Asset Manager. REO departments and asset managers give the “ok” verbally, and then their worksheet automatically goes to their manager for signatures. Some asset managers require original signed documents. Be prepared to overnight all original documents and addenda with accepted offer.
Time frames- Generally you will have 30 to 45 days from mutual acceptance of the contract to close the transaction. If you are paying cash, you could close in as little as 14 business days in most cases- IF the bank is ready. They set the closing time frame. With HUD, it is generally 45 days. With banks, it can be anywhere from 15 days to 60 days. With Pre-Foreclosures, it depends on where the bank is in the process of foreclosure. There are many steps that the bank must take to either foreclose and re-sell or clean up title and issues with the seller prior to foreclosure to make it all happen. Often, the proposed closing date on the original offer is unrealistic due to the elongated negotiation and acceptance process with the REO departments. The Asset Manager knows that there is no way that you can close in two weeks, unless you are paying cash and have no upcoming appraisal or inspections. Asset Managers know that appraisals, inspections and the loan process take time. They will assume that you have taken the time prior to making an offer to inspect the home and to become pre-approved for the loan and that there will be no trivial delays beyond the 30 (to 45) day closing period. Read the bank addendums carefully-there is usually a per diem late fee assessed for delayed closings- if they allow you to extend, at all.
Loan delays- The seller will not suffer delays due to the purchaser’s lender not performing in a timely manner. Begin your inspections upon being alerted that your offer is accepted.
Short sales- Short sales can take four to six months, or LONGER, depending on where the seller is in the process. With short sales, your bid is open for overbidding by other purchases while your offer is on the table, so you could wait six months for a home, only for the bank to hold off on signing any offer until the last minute- and then it could go to another purchaser. Be VERY careful with short sales if you are not a seasoned investor.
Also be aware that most lenders will not allow you to “lock your rate in” without a substantial charge for more than 60 days. If possible, purchase your property with cash (even if from a home equity line). Banks believe “cash is king”- there will be no loan issues or delays, so they will take your offer over another one with a loan if they are anywhere near close if you have cash and they have to get a loan.
If you have to get a loan, make sure that you are FULLY loan approved (you have gone to the lender and have been through the entire approval process (you have given your paper copy W2’s and past two years of wage and taxes to the lender and underwriting has approved your loan, subject to only an appraisal on the property), it will also help your chances exponentially to be the winning bidder.
Closing and title companies to close escrow- Like it or not, the REO company usually chooses the closing attorney or title company. This is due to the fact that they have significant amounts of title work done during the foreclosure process and it makes it easier to use companies who are familiar with their unique process. It may take a week to receive closing instructions. It is typical during this time to hear “nothing”. This is normal.
Inspections & utilities- Most times, the utilities are off at the home you have made an offer on, or it has been winterized, and has to be “de-winterized” for the utilities to be turned back on for a home inspection. It is absolutely essential that you give the bank up to a week’s notice of your upcoming inspection dates, prior to scheduling your inspection.
You, as the buyer, generally are responsible for any fees to re-connect the utilities. Make sure to have your Realtor check on who is responsible for paying these fees and / or calling utility companies to set these up. Addendums with your contract usually require that you, as the buyer, assume those responsibilities and associated fees.
It is not a bad idea to visit the property a couple of days prior to the inspection to check if the utilities are actually ON and that the systems are working. For example, you may need to light a water heater pilot light to allow the water heater to heat up enough over a day to be able to be checked.
“As-Is” condition– Banks sell property assets in AS-IS, Where-IS condition. As a rule, only in certain instances will the bank consider repairs. What you ask for upfront is all you will get. Asset managers have “caps” on concessions they are allowed to give on each file and took the “As-Is” condition into account when they accepted the terms of your offer. Repairs will not be authorized to be completed prior to closing, so you have to close to start work, clean the carpeting, etc.
Closing– Congratulations! Your Realtor will make sure to help you complete all lender requirements to obtain final underwriting (don’t be surprised when the underwriter kicks the loan back multiple times, asks for multiple explanations and additional documents- this is the lending environment we live in today). Expect to be exasperated and hounded for documents at any given moment and you will be better prepared for the onslaught! Many people are like, “what, do they want my first born”?!?
If you are obtaining a loan, expect to be inundated with seemingly ridiculous requests throughout the process- even two days before the closing, your Realtor / Broker will work with the lender, bank, Asset Manager, Attorney and other service providers to get you through to a successful closing. They will help review the loan package, HUD 1 closing statement, and help you navigate your way through to a successful closing on your “foreclosure home of choice”!
If you have any further questions or need help finding a foreclosure home, call me anytime- we are “Foreclosure Specialists” in the greater Charlotte, NC and Charleston, SC metropolitan areas.
Stay Tuned for the next blog in our series: “How to Find the Best Foreclosure Properties”
Call or email me today: Toll Free: 1-877-372-2252 or Direct: 704-905-4062
Kristen Haynes, Realtor, BIC, GC, CMRS
New Home Buyers Brokers / Realty Pros
Kristen Haynes, President / Broker In Charge, Realtor, NC / SC
Unlimited Building General Contractor, Certified Military Residential Specialist
Boards:
2009-2014, Professional Standards Committee, Charlotte Regional Realtor Association
2008-2009, Independent Broker Owner Council, Charlotte Regional Realtor Association
Member: Charlotte Regional Multiple Listing Service,Charleston-Trident Multiple Listing Service, National Association of Realtors, National HUD Broker, Charlotte Regional Realtor Association, NC Licensing Board for General Contractors, BBB / MLS / EHO
Copyright 2014 New Home Buyers Brokers, Inc. / Realty Pros
REAL ESTATE TIPS FOR THE REAL WORLD 