Practice Makes Perfect
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Fraud where criminals use a victim's personal information to secure a mortgage, take out home equity loans, or even transfer the property's title without the owner's knowledge. The goal is typically to steal the home's equity
Identity Theft
Customer Request us to stop calling from outbound calling campaign, remove from courtesy calls for reminder payments, what is this called?
Do Not Call (CIT 527 _Must Review FDCPA)
What screen do I use to review to see the information for the taxes paid in Sagent?
Tax Item
When customer files a claim for damages against the property, it is called what?
Bonus: What CIT is opened when inquiring about loss draft status?
Loss Draft Claims
Answer: CIT 225
A formal, written document that grants a designated individual or entity (the third party) legal permission to act on your behalf,
Third Party Authorization
What are the top 3 best practices that have been taught in training?
NH
SH99
Oregon
What are things that are paid out of escrow? (must name at least three)
•Homeowners Insurance
•Flood Insurance
•Wind Insurance
•Taxes
•MIP/PMI
•"Stop sending me offers“
• "Please don't call, email, or mail me about promotions, refinance offers, or other marketing stuff"
Marketing Opt Out
Where tab do I locate the escrow analysis in Sales Force?
Escrow
•"Don't share my info with others“
•"I don't want my personal or financial information shared with other companies or business partners “
Privacy Opt Out
When the customer fails to maintain homeowner's insurance, what can take place on the loan?
Bonus Question: If a customer purchases an additional insurance when one already exists, what is this called?
Forced Place Insurance may be enforced
Bonus Answer: Mid Term Policy
Tax break that reduces or eliminates the amount of tax a homeowner pays on their mortgage.
Tax Exemption
Customer wants to rent out the property, what is this called?
Occupancy Waiver
What screen in Sagent do you use when researching payments that aid in determining when the loan became delinquent?
Display Summary (DIS SUM)
A periodic review of a borrower's escrow account to ensure that the monthly payments are sufficient to cover property taxes and insurance.
Bonus Questions: Only 1 state is allowed to utilize the escrow refund surplus to pay toward the curtailment of their loan?
Escrow Analysis
Bonus Answer: Maryland
A home loan where the interest rate, and thus the monthly payment, is fixed for an initial period and then changes periodically based on a market index is called what?
Bonus:What are 2 documents that aids in providing key information on interest rate changes?
Adjustable Rate Mortgage (ARM)
Bonus: Interest Change Letter & Note
When the customer needs to send us documents, what is the proper status the case should be placed in?
Customer Pending
The systematic order in which we will post funds received from the customer.
Bonus Question: Any funds received that are less than a full periodic payment is called what?
Payment Hierarchy
Bonus Answer: Partial Payment
Customer claims a missing payment on the loan, what documents are required to further research the "missing" payment?
Bonus Question: Mobile Screen shots are acceptable forms of proof of payment? (True/False)
Full bank statement with running balances, front and back of canceled check, copy of cashed money order or cashier's check.
Bonus Question: False
What is your home screen in Loan Serve?
Customer Loan (CUST LOAN)
A buyer takes over the seller's existing mortgage loan. The buyer becomes responsible for the remaining balance and terms of the loan. This is called what?
Loan Assumption
Name As many complaint trigger words as you can! Must at least be able to name 4 to earn the points)
Complaint filed with BBB, AGO, CFPB
Going to media, social or local news to voice complaints against Freedom
Customer Dissatisfaction
Customer is threating lawsuit, seeking counsel or has already retained an attorney
An escrow analysis reflects a surplus, the loan is delinquent, the escrow refund check can be issued to the customer, True or False?
Bonus Question: How long must the customer wait before an escrow refund check can be reissued?
False, funds will not be released until the loan is brough current.
Bonus: 30 days
What are the three types of ACH programs that Freedom offers?
Bonus Question: Explain how the ACH drafting works when customer is set up on a bi-weekly or semimonthly ACH plan?
Monthly, Bi-weekly or Semi Monthly
Bonus: 1/2 payment received goes into unapplied funds and full payment applied only after the 2nd half payment is received.