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What are all the loan assistance options for Personal Loans?
Repayment Plan
Skip A Pay
Traditional Forbearance
What are all of the loan assistance options for HELOC borrowers?
Repayment Plan
Traditional Forbearance
When payments are paused during the Forbearance program for a HELOC borrower, what happens to those payments when they exit the Forbearance program?
Amounts included in forbearance are re-amortized and repaid over the remaining loan term.
When payments are paused during the Forbearance program for a Personal Loan borrower, what happens to those payments when they exit the Forbearance program?
Personal Loan borrowers will need to choose an exit strategy:
- Full Reinstatement
- Short-Term Repayment Plan
- Payment Deferral Plan
If a personal borrower doesn't contact us to choose a Forbearance exit strategy, the exit strategy will automatically default to what exit strategy after the Forbearance end date?
Full Reinstatement, and at this time, they do have the option to change the exit strategy by emailing myaccount@figure.com with their request and the new exit strategy they would like the account to be changed to.
Is the following the privacy disclosure or the Mini Miranda Rights?
"this call is monitored and recorded for quality assurance"
Privacy Disclosure
What's the Mini Miranda Right (MMR) script?
"This is an attempt to collect a debt, and any information obtained will be used for that purpose."
When will the borrower receive an email stating their forbearance is ending?
The borrower will receive an email 30, 10, 5, and 1 day(s) before the forbearance end date.
When Forbearance ends, when would the borrower be eligible to take out an additional draw?
After making 3 consecutive payments.
Will a borrower's credit be impacted by going through the Forbearance program?
Once your forbearance (FB) is approved, the FB will bring your loan current, and we will report it as such to the credit bureau,s effective the date the account enters FB. This will not remove any negative reporting previously submitted.
What should your call note include?
4 items:
Caller
Discussion
Resolution
Next Steps
If a borrower contacts you and says they are filing for Bankrupcty, where should we have them send their documentation to?
myaccount@figure.com
When a borrower files for Bankruptcy and we receive the documentation, what will happen to the borrower's account?
It will be transferred to a new servicer.
We will send the borrower a goodbye letter when they file for Bankrupcty how many days before their transfer date?
15 days
Would you read the MMR script to an additional signer who has no authorization on file?
No, TPA would need to be on file for MMR to be read to the additional signer.
What are the TWO reasons the Bank Account Fraud Review Task populates?
A large payment of $20,000 from a new bank account, and a request for an additional draw to be disbursed to an unverified account.
What documentation do we need to clear the bank account fraud review task?
Voided check - preferred
Bank statement
What questions would you ask a borrower if they are calling to pay their loan to $0
Are you keeping the line of credit open or closed?
Who's authorized to make a payment over the phone?
Primary borrower
Additional Signer
Authorized TPA
Confirmed SII
Confirmed POA
Can a borrower make a partial payment? Yes or No
Yes they can make a partial payment and the payment doesn't have to bring the account current.
What's the fee amount we charge for Subordinations?
$300 for each approved subordination request
A borrower wants to update their phone number on file. What is required to move forward?
Verify all 4 pieces of CV
How long do I have to send in my proof of insurance after my loan is funded?
Within 5 BUSINESS days after your funding date.
Yes as long as the BA isn't expired.
What document(s) do we need in order to complete a Verification of Mortgage request?
A borrower's authorization form.