RC_LA_DA_200.2 Default Administration Functional Areas
Unfortunately, some borrowers will experience difficulty meeting their payment obligations. In extreme instances, this may lead to a foreclosure, which generally results in a loss for all parties: borrower, lender/investor, and servicer. Default and foreclosure losses are one of the leading risk factors in mortgage lending and mortgage servicing. The default administration group is responsible for the mitigation of loss resulting from a borrower default.
Default Administration Functional Areas describes the roles and responsibilities of the default administration group. The course begins with a high-level overview of the functions of default administration. It then describes the different functional areas that make up a typical default administration group (collections, loss mitigation, foreclosure, bankruptcy, real estate owned, property preservation, and default reporting), providing an overview of the objectives and tasks of each area.
This is a single-family/residential course.
Seat time approximately 1hour.