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Extra
100
What ACT simplifies the requirements for consumers to report suspect fraud or identity theft?
Fact Act
100
What system do we use that holds our loan information?
FISERV - AWESOME JOB! :)
100
What is a 2nd mortgage?
When the property has been mortgaged once already. 2nd lien.
100
If a customer is unable to bring their account current "this month", what option per the arrangement hierarchy must you do next?
Update financials in CORE
100
When should the QA (Quality Assurance) be stated?
ON EVERY CALL!!! WAY TO GO!!! :)
200
What department do you work in?
Tier 1 Collections (Home-Lending)
200
What is escrow?
When the customer opts to include their taxes and/or insurance with their mortgage payments.
200
What is a HELOC loan?
Home Equity Line of Credit Basically a 2nd mortgage that works like a credit card. Customer will pay interest only for the entire duration. The payments are always different.
200
If a customer has a "surplus" in core, what option would you review next for assistance?
Repayment Plan
200
When do you NOT state the MM? (Mini-Miranda)
Bankruptcy Bankruptcy Discharge Prior Bankruptcy & Special Handling
300
What delinquency do we handle in our department?
1 - 59 days delinquent
300
Who handles home-owners insurance policies for Vericrest?
Assurant
300
What is a balloon note?
A lump sum payment normally due at the end of the loan. (anything unpaid up to the maturity date)
300
If the customer has a "deficit" or cannot qualify for a repayment plan, what do you need to offer them? (HINT: Assistance Programs)
The first option in CORE
300
What 3 items must you always look at after "first" pulling up an account? (Fiserv)
Borrowers......Flags.......Delinquency
400
(True/False) - You must be ontime ready to take calls at the beginning of your shift.
True
400
If a customer is unable to repay the force-placed taxes in the amount Vericrest stated, is there a way this can be adjusted? (If so, what is the max? & How?)
Yes - spreading the shortage over 36 - 60 months. This is done by setting up a task #300 requesting such.
400
If you setup a payment for the end of the month, what will you release the call as in "Fiserv" and "Aspect"?
PP (Promise to Pay)
400
What is a breach letter?
A certified letter we send out advising that if ALL past due amounts are not received before the date on your letter, the account could possibly go into foreclosure review.
400
If a customer overpays or shorts their payment, where will this extra money go for 30 days?
Unapplied Bucket
500
The SCRA protects whom?
Service Members
500
If the customer wants to cancel their escrow account, what 2 things do you need to check or do?
Make sure escrow balance is at a 0 or positive. Have the customer send the request in writing to the escrow department.
500
If a customer calls in with questions about their account, and the account is flagged with Foreclosure -AND- Bankruptcy. Where do you transfer the call?
Bankruptcy (BK always takes precedence over FC)
500
When is a breach letter sent out, and to whom?
Once your account passes the 35 day mark (for most states) a breach letter will be sent out to all borrowers in relation to the mortgage loan. - If the property address and mailing address are different, each borrower will receive 2 letters.
500
The FDCPA regulates many laws, but what are two of the laws that impact collection the most? (3 possible)
1. Time Schedule (Only contact betwee 8am - 9pm, customers time.) 2. Conneticut (Do not solicit for post-dated checks) 3. Do not intimidate, threaten, or harass customers.