What's your hardship?
When giving a client an extension they can choose 3 or 6 months: TRUE OR FALSE
False
What post option involves the client paying their monthly payment plus a little extra to catch up on missed payments?
Repayment plan
Name at least one other name for a financial package?
BSP, Loss mitigation or LM package, Mortgage assistance application
Term that describes a client that pays their taxes and insurance as apart of their monthly payment.
Escrow
Who does code B02 belong to
Fannie
True or False: Trial period payments must be mailed in
False
Which investor(s) offer a COVID 19 payment deferral
Fannie, Freddie, VA, Portfolio and Private
Once a client finishes their trial period successfully what happens next?
Client should wait for their mod docs/continue to make payments until they are received
ANA1
Screen used to search for clients loan #
lsch
What is PEGA used for?
To view active modification information
Name the eligibility rules for a Flex Modification
- client must be current at time of COVID
- Must not be able to afford monthly payment
- submit financial package if due for 3 or less payments (bonus: plus 100 extra points0
What is a process X stop?
A no cash posting hold
What is a shortage?
Anytime a clients escrow account falls short of its target balance.
When does the cell phone reaffirmation have to be done?
Whenever there is a cell phone number listed on the account
I look on LMT1 and see a template: NDPAST what does this mean?
Client was past due at the time of COVID.
True or False: The ALM requires the client to enter a trial period?
False
How many days does it take for a client to receive a decision on their financial package after it has been deemed complete?
30 days
Name a reason a client with a non escrowed loan may be required to have escrow?
1. They select a post forbearance option that requires it such as a modification.
2. They fall delinquent on their taxes and insurance
What does FDCPA stand for?
Fair debt collections practices act
What is the travel window code DUE utilized for?
to view payment changes that have occurred.
What is an incomplete package letter?
A letter that advises client of any errors or omitted information still needed to assess package.
What does an SLR do?
Decide if they agree with the previous processors decision.
A client has a shortage of $4,500 dollars in their escrow. Name 3 of the ways the client can take care of this shortage.
1. Spread over 12 mnths
2. Spread over 60 mnths
3. Pay it in full by giving us $4,500.00
On DLQH transactions of what numbers are payments made by the client?
Transactions in the 170's