Charge Off Submission
Two Categories
What is Partial and Full?
Ability to Pay
What is Social Development Officer's Report?
The Process Ends
A. If approved, when the borrower is advised of the new repayment details in writing or borrower fails to accept the approval
B. If declined, the borrower is advised by the relevant officer of the decision in writing;
Four Categories
What is Illness, Death, Reduction or Total Loss of income and Relationship Breakdown?
Reports in Special Assistance & Loss Mitigation
What is Charge-off, Bring Up Summary, special Assistance Report, Mid-Month Follow Up and Expiration of Moratorium?
The First Step in Charge-off Process
What is to determine if the person is a candidate for charge off consideration?
Endorse Write-Off
What is CIA - Chief Internal Auditor?
First Step
What is All requests are logged in the relevant database?
Immediate Family Members
What are Spouse/common-law, children (step or adopted or biological), Parents and siblings?
Original Loan Term and Scheduled Times Billed
What is Fresh Start Rescheduling Calculator?
Recommendations
What is mortgagor and/or property circumstances might improve?
Time Standard for Social Enquiry
What is within 2 working days of receiving request or identifying account?
Time Span
What is Five (5) working days should be allowed for the submission of documents?
Burden of Proof
What is On Applicant?
Capitalization Test
What is Moratorium Calculator?
Loans are placed in charge off
What is when the loan balance appears to remain likely uncollected in the near future and could be eventually written off?
Compulsory Expenses
What is costs such as medical, court ordered and food?
Customer’s case is unclear/complex:
What is Seek guidance from supervisor/manager?
Scenario - Total or Reduction in Income
1. Becoming unemployed due to separation from his employer 2. Being laid-off or suspended without pay 3. closing his/business due to it being unprofitable. 4. Receiving a lower income than what obtained at the time of loan application,
Signed by JP
Credit Report Consent Form (CRCF)
Approval Levels' Amount - GM
What is $1M to $1.999999?
Considerations for Write off (2)
1. Without income and no relative to help 2. Over age 70 and invalid 3. Insane 4. Balance due to improper close-out. mispostings or incorrect payment codes 5. Balance after public auction/private treaty sale is $500,000 or less 6. Loan expired, loan principal balance is below $25,000 contact efforts have failed. 7. Litigation failed. 8. Charge-off exhausted & no improvement.
Special Assistance Request Channels
1. Branch relay 2. Repository 3. Email to other email accounts (We Care, supervisors or managers 4. Hand delivered
Meaning of Unforeseen Circumstance
What is a situation beyond the mortgagor’s control that negatively affects his/her ability to service the loan in keeping with the terms and conditions of the signed mortgage agreement.
Number of Sections on ASMA
What is Eight (8)?