RC_LA_DA_301.1 Loss Mitigation Concepts
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
The verb "to mitigate" means to cause something to become less harsh, hostile, severe, or painful. Loss mitigation in mortgage lending involves activities that reduce or eliminate credit losses (pain) to lenders, servicers, investors, and borrowers. In the broadest view, loss mitigation can include any activity associated with recovery of the debt. Therefore, everything from collections and early intervention to sale of real estate owned (REO) can be considered loss mitigation.
Loss Mitigation Concepts explores the basics of loss mitigation. We begin with a look at the history of loss mitigation and then discuss the non-foreclosure forms of loss mitigation. From there we examine the roles and interests of various parties related to the loss mitigation process. Next, we describe reasons and incentives for employing loss mitigation methods, and we identify losses that can result from borrower delinquencies. Finally, at the end of the course, we describe the keys for successful loss mitigation.
Seat time approximately one (1) hour.