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100
Who handles current accounts?
Customer service
100
What is a 1st mortgage?
A mortgage that is the primary lien against a property.
100
What does SPOC stand for?
"Single Point of Contact"
100
What does QA / MM stand for?
Quality Assurance & Mini-Miranda
100
Can you "MM" a cease & desist account?
YES
200
If you have a solid interest rate from the day you purchased to the end of the loan, you have what type of interest rate?
Fixed
200
Where do you update expenses for an account?
CORE
200
Who handles (1-59 days) delinquent accounts?
TIER 1 - AKA "YOU" :)
200
When asking a customer questions about their reason for delq, or RFD. What type of questions must you ask?
Open-Ended. (you do not want to ask them with an answer because they will always just agree)
200
What is an add't mortgage on a property that has been mortgaged once already?
Second Mortgage. (2nd mortg)
300
If a customer brings up their interest in a refinance, where do you look to find out if they are eligible?
Flags ----CIT ------Verify that an active task for LMU is open
300
What is a lump sum payment due at the end of the loan or a specified time?
Balloon Note
300
After negotiating an agreement, what must you always have the customer do?
Restate the agreement
300
If you transfer an account to property solutions, what must you do to get credit for the transfer? What must you also do with this?
**Open up a task (#723) advising of transfer ****Close if rep answers ****Leave open if no answer
300
What is a adjustable rate mortgage? (ARM)
A mortgage who interest rate changes periodically based on the changes in a specified index.
400
If a customers account has the flags "installment loan" & "secured by vehicle"..... where do you transfer this to?
Small ticket / 3rd party servicing
400
What is a HELOC loan?
(HOME EQUITY LINE OF CREDIT) A credit line secured by a second deed of trust on the house. Basically a credit card where the payments are interest only - but its attached to your home.
400
What should be stated on every call no matter the flags, delq or anything?
Quality Assurance (QA)
400
What 3 types of loans will you not mini-miranda (MM)? ***another words, what flags will you see??
-Bankruptcy -Bankruptcy Discharge -Prior Bankruptcy & Special Handling
400
If an account says "1075 days delq" and has the red flag "REO"..... where do you transfer this call?
REO (real estate owned)
500
State the QA/MM. (Quality Assurance & Mini-Miranda)
QA -- "Please be advised this call maybe monitored and recorded for quality assurance purposes." - MM -- "This is an attempt by a debt collector to collect a consumer debt, and any information obtained will be used for that purpose."
500
If an account has 2 flags, charged off and cease & desist... Do you state the mini-marinda?
YES - The only accounts you DO NOT state it is anything to do with bankruptcy. (some exceptions)
500
If an account has a bankruptcy-discharge flag, do you transfer it to BK DISCHARGE or BANKRUPTCY?
Bankruptcy Discharge/ EIU
500
What items are VERBATIM for a collections representive? (5)
Introduction Closing Messages QA (Quality Assurance) MM (Mini-Miranda)
500
If an account has 2 red flags, Foreclosure & Bankruptcy.... Who do you transfer the call to?
Bankruptcy ALWAYS succeeds Foreclosure.
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