RC_LA_DA_300.2 Collection Tools for Loan Counselors
Proactive outreach by loan servicers can help reduce the number of delinquent loans and ensure successful loan performance. There are a variety of cost-effective collection tools available to loan servicers, each with pros and cons. Collections loan counselors should be familiar with all collection tools and be able to determine which tool or tools to use for a particular situation.
Collection Tools for Loan Counselors looks at the types of collection tools available. These include telephone calls, written notices, late charges, and field visits as well as the advantages and disadvantages of each of these.
After explaining each of these tools, the course examines collections procedures at different stages of delinquencies, discussing which tools are commonly used at each stage. Finally, the course discusses the role of approved housing counselors.
This is a single-family/residential course.
Seat time approximately 30 mins.