The name of the main database that Loss Recovery uses.
What is Latitude?
100
Name for a borrower who has no valid phone numbers.
What is no contact?
100
The process of the lender reclaiming the collateral property through the intervention of the court.
What is judicial foreclosure?
100
Term for the circumstances that caused the borrower to default on the loan/lien.
What is an RFD/Reason for Delinquency?
200
Term for the outstanding balance after a liquidation- Deed in Lieu, Short Sale, or Foreclosure.
What is a deficiency?
200
Instead of using their names in Latitude, each user is assigned this type of identifier.
What is a desk number?
200
Type of Skip Tracing that is more costly and takes longer to conduct.
What is in-depth Skip Tracing?
200
The law that regulates a lender/servicer's communication with borrowers and third parties.
What is the FDCPA (Fair Debt Collection Practices Act)?
200
In this activity, you make a conscious effort to hear not only the words that another person is saying but, more importantly, to try and understand the total message being sent.
What is active listening?
300
This is the document that indicates the payment terms of a deficiency.
What is a Promissory Note?
300
This area in the work form allows the user to provide important information or a summary of the account.
What is the Hot Note area?
300
Name of the button that would show information on persons related to the borrower- spouse, family members, etc.
What is More Info?
300
Texas is a ___________, meaning the lender/servicer is not allowed to deduct any debts from the debtor's paycheck.
What is no wage garnishment state?
300
This is the ability to identify and understand another's situation, feelings and motives. It's our capacity to recognize the concerns other people have.
What is empathy?
400
This is a type of account in which foreclosure has wiped out the 2nd lien; however, the debt remains.
What is an inactive lien?
400
This type of queue arranges accounts within your queue in sections based on common characteristics.
What is a pie queue?
400
Type of document used to determine the status of borrower's other assets.
What is the Credit Report?
400
The legal authority that allows a lender/servicer to foreclose in a non-judicial foreclosure.
What is power of sale?
400
This is the negotiations stage in which the Loss Recovery Specialist assesses the borrower's situation to determine the proper solution.
What is the reflection process?
500
This foreclosure action often preceeds a charge off.
What is a walk or bid pass?
500
Name of the menu used to set up payments.
What is the Promise menu?
500
Name of the area in Latitude that documents borrower contact.
What is the Debtor Contact Analysis?
500
In this state, a lender/servicer has only 60 days to file litigation.
What is West Virginia?
500
This rule states that majority of verbal communication is contained in the tone of voice and body language rather than words.