Authorizations/Account Changes
What are two examples of high-risk transactions, and why are they considered high risk?
High-Risk Transactions - Certain requests are considered “high risk” and require an extra level of Customer Verification:
Requests to change email address
Requests to change phone number
Requests to change address
Password Reset Help Requests
A borrower has never logged into their dashboard and wants to take an additional draw. They have $5,000 of available credit.
How would you walk the borrower through the process, step-by-step, to obtain access to their draw?
Instruct them to log in to their dashboard, and if they have any available credit, they will see the option to click a button that says "Redraw". From there, the borrower will be able to select the amount they would like to take out and see their new APR as well as their new monthly payment.
A borrower requests to turn off Autopay, and their payment is due soon.
Question:
What follow-up questions would you ask before making this change, and why are those questions important?
Follow up questions:
Why are we turning off autopay?
Will you be able to make the payment on time?
Would you like to schedule a payment instead?
Are you aware of how to access your dashboard to manage the autopay settings?
They are important because we need to understand if we should expect the account to go past due and provide the borrower with information so they understand what options are avail, especially if there's a hardship.
Explain the difference between paid-open and paid-closed payoff options.
- Paid open: loan amount is paid in full while the line remains open
- **Confirm the Draw End (expiration date) Date and the Max Percentage the borrower will be able to redraw with the borrower.**
- They can make a payment at any time through their dashboard.
- They can send without the release fee if they choose to wire funds.
- Pin the note
- Paid_closed: loan amount is paid in full, the line is closed and the lien is released (release fee may apply)
A borrower wants to change their payment due date.
Question:
What conditions might prevent it?
If it was recently changed
Note: That if the borrower is in repay but has Lender Placed Insurance (LPI) placed on the account, we cannot process a due date change.
How does a Borrower Authorization, Third-Party Authorization, and Power of Attorney differ in terms of what actions the third party can take and expiration dates?
Borrower Authorization:
Third-Party Authorization:
Power of Attorney:
Borrower Authorization:
Valid for 1 year unless otherwise specified.
Lenders usually send these for payoffs or VOMS.
Does not allow them to make changes to the account.
Must be signed and dated.
Third-Party Authorization:
Figure's version of the BA.
If no date, it will be good for 1 year.
Allows an authorized party to make limited changes to the account depending on what is selected.
Power of Attorney:
No expiration date, unless otherwise specified on the doc.
Limitations depends on the doc itself.
Must be signed and dated.
A borrower has never logged into their dashboard and wants to take an additional draw. They have $5,000 of available credit.
Question:
How do you confirm, in CSP, they are able to complete the request successfully?
You can check the draw eligibility summary tab to see if they have any available credit.
When is an Autopay Agreement required for autopay changes?
A new autopay agreement is required everytime the borrower calls in requesting to turn AP on.
Under what circumstances would a borrower only be eligible for a paid-closed payoff, and how would you explain this to them?
If draw period has expired
A HELOC borrower is 25 days past due, has made their first three monthly payments, and submits a completed Loan Assistance Application on time. They say they can afford higher payments for a few months but are worried about missing one due to unstable income.
Question:
How would you explain the difference between a repayment plan or a traditional forbearance?
Both options are available since the borrower is ≤29 days delinquent and eligible. A repayment plan would require higher monthly payments for up to six months and carries the risk of breach if payments are late or short. A forbearance would pause payments temporarily and spread missed amounts over the remaining loan term. Given the borrower’s unstable income, I would explain that I am not a financial advisor and can't encourage a decision
What is the name of this disclosure? And when should it be stated?
"This is an attempt to collect a debt and any information obtained will be used for that purpose."
Mini Miranda Rights (MMR)
What are two reasons we might temporarily freeze additional draws on an account.
- A voluntary request, such as:
- One included as a part of a payoff
- The **primary borrower** requested the freeze (via phone or email)
- Fraud
- Death of the borrower (An SII will likely make an SII request and we would want to freeze the account)
- Failure to pay property taxes or senior lien foreclosure
- Delinquency (happens automatically when payment is past due)
- Bankruptcy (happens automatically when BK flag is added to the loan)
Can a borrower enable and disable Auto-Pay through their online dashboard?
Yes, by going to Manage Accounts on the dashboard.
How long will it take a Paid in Full Letter to generate?
◦It may take 15 business days after the account is closed to be sent via emailFigure can not expedite this letter.
A HELOC borrower calls in and is 35 days delinquent. They state they are experiencing temporary financial hardship and are asking about loan assistance options. You review the account and see no pending loan assistance application and no completed LAA form on file.
Question:
How would you explain their eligibility status, what options (if any) are available at this point, and what next steps you would take during the call? Include how you would determine whether to warm transfer the borrower to Collections
Because the borrower is 35 days delinquent and does not have a completed or pending Loan Assistance Application on file, they are not eligible for HELOC loan assistance at this time. I would confirm whether they plan to make a payment today. Since the answer is no, I would warm transfer the borrower to Collections, explaining that this team is best equipped to assist with delinquent accounts. If the transfer hold exceeds one minute, I would escalate per procedure.
What is the name of this disclosure? And when should it be stated?
“This call is monitored and recorded for quality assurance”.
Recording disclosure, anytime you hear someone new talking on the phone.
“I just made a $5,000 payment so I could take out an additional draw, but my dashboard hasn’t updated. This is ridiculous.”
"Thank you for explaining your frustrations to me. I understand that you made a payment today of $5,000, and your additional draw balance does not reflect what the new amount should be post payment. The reason for this is that our system requires that you wait 6 business days to allow the payment to process. This to ensure there are no issues with the payment and to allow sufficient time for your dashboard to update accurately. I am more than happy to submit a complaint on your behalf, however a manager would not be able to expedite a payment per compliance reasons. Again, we have to ensure the payment goes through. Would you please wait until (date) then call back if your dashboard does not provide a redraw button?
-Then submit a non escalated complaint and write a new note in CSP
Can a borrower turn their Auto-Pay on if their account is past due?
False. Account would need to be current.
What is the name of the task that we generate ONLY when closing an account?
servicing_payoff_candidate_review
How are payments applied?
1. Accrued interest
2. Any outstanding fees on the account
3. Principal
What is the name of this disclosure? And when should it be stated?
"Unfortunately, I am unable to verify the account credentials that you have provided. For privacy reasons, I am unable to discuss application/loan specifics at this time. However, I can discuss any general questions you have regarding our process at this time. If you were to call or chat back in at a later time and correctly verify the information, whoever answers your call will be able to discuss application-specific information with you."
CV Failure
How long does a borrower have to send proof of insurance?
Within 5 business days after the funding date
As an agent, would you be able to turn on Auto-Pay for the borrower over the phone?
False. We would need to send the borrower an Auto-Pay Agreement via DocuSign for AA to turn it on or walk them through how to turn it on via their dashboard.
Who can request a payoff?
Borrowers
Additional Signers
Authorized Third Parties
Third party Companies with a BA
What are two types of payment options we accept?
ACH and Wire.