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Basics
Assistance Programs
Estate & Probate
Definitions
Extra
100
True/False: The QA/MM must be stated on all calls.
False: QA must be stated on all calls. MM must not be stated on bk, bk discharge, & prior BK with special handling.
100
What 3 items do we discuss with a customer when talking-off a loan modification?
Hardship Letter.......VOI......Expenses
100
What is an estate?
Property once owned by the deceased
100
What is a Home Equity Line of Credit?
HELOC LOAN - Basically a 2nd mortgage that works like a credit card. Minimum payments is interest only and the payment adjusts each month.
100
What is a breach letter, and why is it important?
definition - A certified letter we send out advising that if all past due amounts are not received before the date on your letter, then the account could possibly be reviewed for FC. ---This allows Vericrest the right to Foreclosure if necessary.
200
What 3 items must you always look at when "first" pulling up an account on Fiserv?
Borrowers....Flags....Delinquency
200
What is the 3-steps for a loan modification through Vericrest? (Departments)
Collections......Loss Mitigation.......Customer Care
200
When someone passes and the property becomes an estate, in order for a person(s) to take over the estate they must first be given legal rights through what? (2 options)
Living Will or Probate Court
200
What is a combination loan?
80/20 - When you receive a first mortgage for 80% of the loan amount and a second mortgage at the same time for the remainder of the balance.
200
When filing for Bankruptcy, what 2 chapters do customers have the option of filing & what is their definition?
Chapter 7 - Discharge Chapter 13 - Reaffirm
300
Authorizations must now be in "what" only? What are the 2 types of authorizations?
Writing only, borrowers and authorized 3rd party
300
When talking off a short-sale what would be some items that you would want to be sure to mention? ( 3 possible )
Incentive - 70%..........No more debt (Vericrest will not come after you for the difference)..........Avoids the foreclosure process
300
If a customer calls in to discuss an account that is marked with "estate", but we do have written authorization for this person but its marked as a "3rd party." Can we speak with them?
No, because that authorization was prior to the deceased passing and is no longer valid. This must be through a living will or probate court.
300
What 2 types of interest rates is there?
Fixed & Adjustable
300
What 5 items must be stated Verbatim for a Collections Agent?
QA...MM...Opening...Closing...Message
400
If an "UN" authorized person calls in to make a payment, do you state the QA/MM?
Yes - QA. NO - MM.
400
Vericrest offers many different assistance options as well as the government......name them. (8 possible)
Loan Modification Short Sale Deed-in-Lieu Refinance Hamp HUD HHF HAFA
400
What is an administrator & executor?
Admin - A person appointed by a court to manage the estate of a deceased person who left "NO WILL." Exec - A person named by a will to carry out the directions of the will.
400
What is a loan where the customer pays interest only for a certain period of time, but the interest rate does not change?
Interest Only Fixed
400
What 3 things must you do when handling an escalated call?
Get Softer.....Attempt to calm them down enough to resolve the issue....Never deny them the right to speak with a manager.
500
If a UIF (unidentified female) answers the phone and you ask for person whom she states is deceased...... what must you do?
Question her on: When did they pass? Has anyone been named the executor or admin? Is someone handling the estate? (get name & phone number) ---Setup a task for deceased---
500
When discussing an account you must first update __?___ to verify their income and expenses. After updating what assistance option should we always review for first if eligible?
CORE & Repayment Plan
500
If a customer advises that they are being represented by an attorney, what should you do/ask?
Name of the attorney, phone number, address. ----------------------------------------------------- BK - Dated filed, Chapter, Case #, Intentions No BK - Reason for needing an attorney ----------------------------------------------------- Case # (yes) - CIT 681 Case # (no) - CIT 607 NO BK - CIT 736 ---------------------PLACE A 7 DAY HOLD FOR EACH------
500
What is an additional mortgage on a property that has been mortgaged once already?
2nd mortgage
500
You are speaking with a customer who suddenly becomes hostile and irate. They are sick of speaking with you and demand to speak with another representative. What do you need to do?
Apologized that you are not understanding them well enough to assist, advise them that you do appreciate them speaking with you (make sure to state your closing) then ask them to hold while you get another agent on the line. ----Warm transf back into your departments main extension.