WHAT DO YOU KNOW?

Foreclosure Accounts

100

Can you order a reinstatement figure on active bankruptcy account? 

• Do not order reinstatement figures on active bankruptcy files. Refer the borrower to their Bankruptcy attorney.

200

what can no be said in a foreclosure account? 

total amount due 

300

What is included in the reinstatement figures?

Reinstatement figures are mailed out to the customer in foreclosure status. These figures provide the amount needed to bring the account current and include all attorney fees and costs related to the foreclosure proceedings 

Loans in Foreclosure - Service

400

Customer states the Reinstatement Figures were never received in the mail and would like them re-mailed

• Tell the customer that the reinstatement figures will be mailed within three to five business days from completion of the request, and to allow for additional time based on mailing services.
• Refer to the Order Reinstatement Figures section.
  
  Important: Do not re-mail reinstatement figures to the customer.

500

Client is requesting a verbal reinstatement, when are we able to provide a verbal? 

Transfer the calls to the Centralized Escalation Team (CET) when Reinstatement Figures are requested to be quoted verbally for extenuating circumstances or if the customer is within seven calendar days of the sale date.

BITBI

100

can we run financials on a NACA account? 

Validate if the loan is NACA by reviewing the Indicators section in UCRS for NACA.
Loan is NACA: Refer the customer to NACA for modification workout assistance.

200

what disclosure has to be read to client prior to asking for income info? 

Read the following Reg B script to the customer prior to asking for income sources:

300

what do we do if loan has a 2nd lien when trying to open up a verbal application? 

For second liens: Refer to the Submit a Verbal Application for Other Home Retention Options - 2nd Liens Only section to collect the mortgage payment information from the customer when opening a Verbal Application for a 2nd lien loan, where Bank of America (BOA) does not hold the first lien.

Collect the following mortgage payment information from the customer when opening a Verbal Application for a 2nd lien loan, where Bank of America (BOA) does not hold the first lien.

400

when can we open up a verbal application? 

 If an Informal Repayment Plan, SFB or Disaster Forbearance was submitted, do not open a Verbal Application for Other Home Retention options during the same customer interaction. Customer may call back when their plan is nearing the end if additional assistance is needed.

500

What part do you skip on the BITBI for an active or discharge bankruptcy acct or loan has matured? 

• Do not complete the Ability to Pay section.
• Proceed to the Disaster section.

random

100

what action code is used when you refer client to home retentions? 

 TOR 

200

can we use ASP for a reverse and reapply ? 

NO, we should use NOAR 

300

Payment is showing processing on payment details, what code should be used ?

ASP .. 

400

what needs to be provided to become the SII?

Tell the caller to write a request letter and provide the following information 

• 
  Loan Number
• SII First and Last Name
• Borrower’s First and Last Name
• Loan Property Address
• SII Scenario: Death, Divorce or Title Transfer
• SII Mailing Address
• SII Phone Number
• Statement requesting to be confirmed as a Successor in Interest
• Tell the caller to mail the letter to the Request for Information (RFI)/Notice of Error (NOE) mailing address.
• Tell the caller once the Bank receives the letter with the information, within five business days, the Bank will send the SII Initial Response Package requesting specific documents to confirm they are a SII for the property.
• Provide the caller with examples of documents that may be requested to confirm a successor:
  • A copy of the recorded Deed to the property listing the successor.
  • Heir or probate documents, that distributes our property to the SII with court seal.
  • Recorded copy of a will naming successor in interest, including court order obtained when recorded.
  • Small estate affidavit which can be obtained and recorded at a local county recorder’s office.
  • Trust documents naming trustees and a copy of the recorded Deed transferring the property into the trust.
  • Divorce or legal separation documents showing the property awarded to the SII.

500

Can we speak to an authorized third party when the brrw is deceased?

• Authorized Third Partys (ATPs) previously authorized by the deceased customer are no longer valid.

Bankruptcy

100

how do we notate bankruptcy accounts? 

Appropriate documentation:

• Per caller’s request, advise client of the total amount due (TAD).
• Per caller’s request, discussed possible workout options.

200

what do we do when a client states they have filed for bankruptcy?

• As soon as the client or the client's attorney states I have filed for bankruptcy, all conversations relating to the reason for default (RFD), debt, payments, what led the client to file bankruptcy, etc., have to cease.
  • Notify the Bankruptcy Setup team.
  • Refer the client back to the attorney to assist with any questions about filing bankruptcy.

300

acct has a BKO indicator, what should we do? 

• any activity should take place through and with the authorization of the Bankruptcy department.
• Refer to the Servicing Operations Phone List for the Bankruptcy department phone number.

400

what can be said in a discharged chapter 7? 

• Ask for the client's intentions
• Ask for the RFD.
• Ask for/take updated financial information. Agents cannot force or demand the client to provide this information as the client may perceive it as collection efforts. If the client refuses to provide updated financial information, service the account without the financial information.
• Ask if the hardship is resolved.
• Advise the client that the account is in foreclosure, a foreclosure sale date listed on the account or that foreclosure activity will continue.
• Advise the client of a Notice of Intent to Foreclosure/Notice of Default.
• Refer for workout options/offer home retention options if the client requests to review options.
• Provide the California/Nevada or Washington Department of Housing and Urban Development (HUD) number.

500

what cannot be said in the discharged bankruptcy chapter 7?

• Refer to the balance owed as their debt.
• When establishing contact, the initial documentation must clearly indicate why the client called Bank of America. Without this key information, documentation can appear to describe a collection attempt, which is prohibited.
• Provide debt counseling.
• Encourage the client to increase income to make payments.
• Offer home retention options unless the client requests to review options.
• Advise the client that collection activity will continue.
• Advise the client of late charges or credit reporting.
• Ask for consent to call the cell phone number using an auto dialer and leave pre-recorded messages to service the account.
• Ask for the total amount due (TAD).

Service Release Loans

100

I recently received a letter informing me that the servicing of my loan transferred to [a new loan servicer]. What does a transfer in servicing mean, and why is my loan being transferred?

• A transfer of servicing means that a new loan servicer will begin handling all of the servicing needs for your loan (this includes billing, payment processing, customer support, etc). When the servicing of your loan transfers to a new servicer, please be assured that the transfer does not affect any other terms or conditions of your home loan, only those terms related to the servicing of the loan.
• The transfer of loan servicing is a common practice across the industry, and occurs for a variety of reasons. We value all of our customers but at certain times we collaborate with other Servicing companies to meet our customer’s needs and ensure all customers receive the best service possible.

200

what should we do when a payment was sent to the new servicer, but did not get released?

• There are times when loans transferred to a new servicer rescind, and remain with Bank of America.
• Although, in some cases, the customer had received a Goodbye Letter from Bank of America advising to make payments to the new servicer, the customer will receive a Rescission Letter advising that he/she should resume making payments to Bank of America since the loan is not being service released.
  
  

1. Click View Notes in the View Comments section of UCRS to view the documentation when a customer calls advising that a payment was sent to the new servicer.
2. Send the following email.

300

I recently received a letter informing me that the servicing of my loan transferred to a new servicer. I inadvertently sent my payment to you instead of the new servicer. What should I do?

When we receive payment, we will promptly forward it to the new servicer for posting. Please ensure that you direct all future payments to the new servicer using the payment information that was included in our letter as well as in the welcome package provided by the new servicer.

400

Why wasn’t my loan transferred to another servicer?

We value all of our customers but at certain times we partner with other Servicing companies to meet our customer’s needs and ensure all customers receive the best service possible. At this time we are able to continue to provide you with the level of service that your loan requires, therefore your loan was not selected to be transferred to another servicer.

500

I have optional insurance with Bank of America, will this continue with my new servicer?

The transfer of servicing rights may affect the terms of or the continued availability of credit insurance, accidental death insurance or any other type of optional insurance in the following manner: Bank of America will no longer make payments to the insurance company on the customer’s behalf. As a result, coverage may be cancelled.

Note: To maintain coverage, the following action needs to be taken:

• Make alternative arrangements to pay the amounts due to avoid cancellation of coverage.
• Contact the insurance provider to see what other options can be used to maintain coverage.