Bankruptcy/Disaster
Bankruptcy gets removed from your credit report after 10 years of file date.
True or False
False, 7 years after the bankruptcy file date.
We are in the month of June. Mrs. Smith called to make a payment. She is due for May. Where do you transfer the call?
Front end collections as she is due for 2 payments.
Mrs. Smith called in as she requested to impound her taxes into her escrow account as she would like us to pay them. Her taxes are due at the end of this month. What request would you submit and what is the SLA?
You wouldn't submit a request as the taxes are due within 30 days it would be her responsibility.
Mrs. Smith received a notice from her county that they will be doing a tax sale on her property. What task do you submit?
Delinquent Taxes.
All loans have a reserve requirement.
(True or False)
False
Which chapter of bankruptcy does a reaffirmation apply to? When does the reaffirmation agreement need to be requested?
Chapter 7 bankruptcy needs to be requested prior to discharging.
Customer advised he had an appraisal done to remove his PMI and wants to know where he is at in the process. What do you do?
Do not transfer the call. Check LAFA for a pending PMI task and provide the customer with any updates.
Mrs. Smith called in as we credit reported her for her 3/1 payment. After reviewing the account you figured out that she did pay it on time however it was misapplied. What task would you submit and what would be the SLA?
Credit correction as you were able to find that PennyMac made an error. SLA is 20 days.
Mrs. Smith was approved for a homeowner exemption. Her taxes are due in July 2021. She has a copy of the letter in which shows that the taxes will be iao $2000. We have the taxes listed at $4000. What should you do?
Update the tax lines per the customers request as she has the exact amounts. Read the tax line update disclosure and finalize the escrow analysis.
How long can an escrow shortage be spread and what are the levels of authorization?
You-24 months
CSTAT/TML-36 months
Manager-48-60 months
John called in stating that his PennyMac loan was not showing in his credit report. After reviewing the loan you see that the co-borrower Sarah filed for Bankruptcy Chapter 13. What should you advise?
When a Chapter 12 or 13 is filed by one customer and there is also a non-filer associated to the account, both are protected by an automatic stay. The non-filer is protected through the completion of the plan. Therefore, the non-filer should be terminated from the account until the plan is completed. No credit reporting should occur during the active 12 or 13 for the non-filer.
Mrs. Smith is due for April's payment. She called in to request a reaffirmation agreement as she will be discharging from Chapter 7 bankruptcy. Do you service the call or do you transfer to REACH?
You would service the call as the account is current.
Mrs. Smith is refinancing and she is calling back for an extension as she does not want us to pay her taxes. What is the SLA for the extension and how long is the extension good for?
SLA is 3 days and the extension is 10 days.
PennyMac sent Mrs. Smith a notice that we received a delinquent tax notice from her county. We gave her a timeframe to submit proof of payment before we pay and impound the taxes into escrow. Mrs. Smith uploaded a receipt from the County for the payment. Which task should you submit?
A loan has been paid off for 21 days and the customer has yet to be issued an escrow refund. What task should you submit?
Zero Balance, Positive Escrow Review
John called in as he was discharged from Chapter 7 and he was not being credit reported. What should you advice?
“When you have a completed discharge 7, you are no longer personally liable for the loan, therefore a zero balance is reported.”
Mrs. Smith called in escalating, requesting to speak to a supervisor as she feels like her loan officer does not have her best interest. Who/Where should you transfer?
Transfer to the Retail Complaints line in which you are able to find in policies and procedures. 844-917-3663
When is it appropriate to open a lien release task and what is the SLA for the completion?
This task should only be opened if it's been 60-90 days after the payoff date. Overall a lien release inquiry can take 60 days to complete.
Mrs. Smith filed for an exemption in which was backdated to 2020. The exemption was approved on January 2021 in which they gave her a $1,000 discount for both years. We paid taxes in November 2020 in the amount of $2,000. Which request would you submit?
A Refund Research under Tax Tasks (Due to the $1,000 discount the customer is owed a refund as it was back dated to 2020)
Mrs. Smith changed from All State to State Farm. We paid All State on 4/4/2021 iao $1400 and State Farm on 5/2/2021 iao $700. An analysis was done on 4/25/2021, her payment increased as we were collecting for $1000. She is now requesting a new analysis and yet her payment is going up more. What is causing the shortage?
Based on original analysis done on January we collected to pay $1000 but premium paid was $1400 which is why payment would have gone up. If we are analyzing today its going up more as a double payment was made for insurance in which was not anticipated. She would need to contact her insurance for refund and once paid into escrow payment should go down.
Customer recently went through a forbearance plan and had some of their payments deferred they are current, next payment due August. The customer is wondering how many payments were deferred and why, how do you service?
You inform them what of the deferment information in the loan messages and the next payment due on the current loan but advise the customer "for any other questions regarding the deferment I can transfer you to the proper department" CSR should transfer to ModSpoc or refer them to their Single Point of Contact.
Customer is in a modification and is trying to make their monthly payment. Where do you send them?
Default Mod Spoc
When can you submit an escalated post payoff refund and what is the SLA?
Between the time period of: a day after the loan is paid off, and before the escrow refund check has been sent out. The SLA is 10 business days.
Customer stated they received a supplemental tax bill that is past due, what should you advise?
Customer's loan number is 8006427865. They were brought to PennyMac in June 2021 and their they're about to make their 3rd payment on the loan. The customer called in stating they have a delinquent tax bill from the county but you check and their next tax disbursement isn't until May of 2022. What documents should you check and what should you advise the customer ?
CSR should check the loan activity to see if we paid any taxes out. If no taxes paid from PennyMac CSR should check the closing disclosure and see if there are any prepaid taxes paid. If taxes were paid at closing CSR should advise customer can have PennyMac pay, but should also reach out to the Title Co, as they paid as well. If there are no prepaids, CSR should advise to check with previous lender to see if they paid the taxes and in the meantime PennyMac can pay the delinquency.