RC_LA_DA_301.2 Loss Mitigation Processes
Member Price: $49.00
Nonmember Price: $79.00
Product Code: DL2-011049-WC-WPurchase
This is a single-family/residential course.
The loss mitigation counselor's role has become central to any discussion about the industry's role in the stability of the housing market. Federal regulations, investor controls, insurer requirements, and individual state statutes strive to regulate the activities of loss mitigation staff and in many ways drive the loss mitigation process. However, loss mitigation involves more than just analyzing the borrower's situation in the context of rules and regulations. It also involves selecting and obtaining approval for a loss mitigation option, maintaining communication with the borrower, acquiring relevant information and documentation, formalizing retention workouts, and following up on the process.
Loss Mitigation Processes examines the general loss mitigation process. We begin with an overview of process considerations in selecting and approving a loss mitigation option. Next, we describe how servicers can communicate effectively with borrowers in default and explain why communication is critical to the success of the loss mitigation process. We then address the acquisition of information and documentation during the workout process. Near the end of the course, we examine the formalization of various retention options. We conclude the course with a look at follow-up procedures for short sales and deeds-in-lieu of foreclosure.
Seat time approximately one (1) hour.