Claim Classifications
Claim Amount: $5,209.16
Date of Loss : 08/20/2021
Loan Status: Current
Cause of Loss: Hail
NON-MONITORED
What is the timeframe for a draw?
Up to 7 business days
What does GSE stand for?
Government Sponsored Enterprise
On a current monitored claim, if the claim total is $60,000.00, how much will the first draw be?
$40k
Anna will read you the scenario :)
The claim will be reclassified from non-monitored to current monitored. We will ask the customer to provide the adjuster's worksheet and attestation to repair in addition to her signed insurance check. Once received, we will issue the first draw IAO$18,000.00. We will require a progress and final inspection in order to release additional funds after the $18k.
Claim Amount: $8,331.04
Date of Loss: 1/01/2022
Loan Status: Delinquent
Cause of Loss: Wind
DELINQUENT MONTIORED
Up to 2 business days, starting day after check is received
What does ACV stand for?
Actual Cash Value
On a delinquent monitored claim, if the claim total is $75,000.00, how much will the first draw be?
$10k
Why do we monitor claim funds?
We monitor claim funds to ensure that our investment in the property maintains it's original value.
Claim Amount:$41,216.84
Date of Loss:3/15/2020
Loan Status: Current
Cause of Loss: Animal Infestation
What is the time frame for documents to post that are received via fax?
Up to 2 business days to be reviewed and accepted on account
What does MOL stand for?
Member of Leadership
On a current monitored claim, if the total claim amount is $300,000, how much will the first draw be?
33% or $99k
Name three private labels under the Mr. Cooper Umbrella.
Acceptable Answers:
USAA
UWM
VU
Rightpath
Paddio
Claim Amount: $300,000.00
Date of Loss: 01/16/2015
Loan Status: Current
Cause of Loss: Fire
CURRENT MONITORED
What is the time frame for a stop pay on a draw check?
Up to 7 business days for funds to be deposited back into restricted escrow before a new draw can be requested.
What does DTE stand for?
Draft Trac Enterprise
On a delinquent monitored claim, the claim total is $5,032.11, how much will the first draw be?
This request is submitted when the customer requests any deviation to our standard process.
Exception
Claim Amount: $40,000.00
Date of Loss: 6/18/2020
Loan Status: Current
Cause of Loss: Water
NON-MONITORED
What are the time frames for an onsite inspection?
What does FNMA stand for?
Fannie Mae
On a current monitored claim, the claim total is $68,000.00.
The first draw was $40k.
Upon receipt of 50% inspection results, what amount can be released?
How much does a non-fnma customer have to pay for an onsite inspection?
$35