MSC1
What does FDCPA stand for?
Fair debt collections practices Act
What is the maximum amount of time a client with a private investor can be on forbearance?
12 months (must submit a financial package to be approved)
Loan snapshot screen
DLQ1
How long is a trial period?
3 months
What is the system used to view modifications?
PEGA
What does the FDCPA protect clients from?
Aggressive debt collectors
The four screens used to review an account are?
DLQ1, LMT1, LMTN, NOTS
Loss mitigation tracking screen
LMT3
What do modifications do?
Modify the terms of the loan to make it more manageable or affordable
What is the first post forbearance option all FHA clients will be reviewed for?
ALM (Advanced loan modifcation)
What is the cell phone reaffirmation statement that must be said when there is a cell phone on the account?
May we contact you with pre-recorded messages using and autodialer?
Which investor(s) offers a Flex Mod
Fannie Mae and Freddie Mac
Screen where all account notes go?
NOTS
How many days total does it take for the modifications to be processed?
45-60 days
Clients with FHA can make payments on their second lien through?
The ISN corporation
How many months under the CARES Act are we required by law to give our clients?
12
Who does the investor code: 009 belong to?
I can find out the loss mitigation status and loss type on this screen
LMT1
There are two ways a client can get a modification. What are they?
1. Submitting/approval of financial package
2. Selecting it as post forbearance option
What does an @ sign next to the monthly payment amount mean?
The clients monthly payment has changed
A client with Freddie Mac as their investor calls in and states they want to do a deferral. You see they are due for 18 payments currently. What would you tell the client?
A payment must be made
We can only defer a total of 18 payments. This includes the 30 days it will take to process your request.
True or False: If a client does not qualify for a repayment plan we do not have to mention it as one of their options?
FALSE
Screen used to view fees charged to client?
FEE1
When a client submits a financial package who reviews it first?
PIT team/User
Which investors use 6/29/2021 as the date to determine how many months of forbearance their clients get?
NONE!