ISO
What does the acronym ISO mean?
International Organization of Standardization
List 4 Loan Modification Options
Moratorium
Interest rate reduction
Extension of Loan Tenure
Rescheduling
What does the acronym VQN mean?
Visual Queue Network
What is the trigger for the arrears management process?
Assignment of accounts in VQN (3 days past due)
What are the two (2) special relief options available to mortgagors.
Charge Off & Write Off
What is the Quality Policy?
The Management of the National Housing Trust (NHT) Customer Relations Management Division and legal conveyancing and mortgage registry unit is committed to achieving high levels of customer satisfaction throughout all departments. We will continuously improve our processes, products and services in order to meet and/or exceed customer requirements.
True or False
a) An extension in loan term may be granted only once over the life of the loan
b) Staff members can apply directly for special assistance
a) True
b) False, special assistance requests for staff are to be referred to HCM.
How are are accounts assigned to different collectors in VQN?
VQN automatically assigns accounts based on the categorical inputs from the administrator. This is based on requests from Supervisors and Managers. For example: A supervisor requests that only soft delinquent accounts are assigned to officer X. The administrator then configures the system to have only soft delinquent accounts assigned to Officer X.
What category of accounts are serviced by the Special Portfolio team?
New accounts in arrears that started repayment within the last 12 months (excluding chronic delinquent and non-main mortgage)
Accounts 1-29 days in arrears.
What is a charge off?
A special relief option where a mortgagor is not expected to make payments on a loan for a specified period.
a) What is a QMS?
b) Where on the L:Drive are policies and procedures stored?
a) The quality management system is a structured method for top management to control and improve the company’s ability to meet requirements.
b) The Loan Management Documentation Folder
Provide three charge off criteria.
Mortgagor is without an income source and there are no known relatives who are willing/able to settle the account on the mortgagor’s behalf.
Mortgagor has insufficient income
Units in locations where there is little or no possibility of recovery of outstanding loan balances
There has been a hostile takeover of the unit/property by hoodlums
Hard-to-sell properties that have been
Advertised by Private Treaty for over 2 years
What are two arrears management and performance reports provided on a monthly basis by the VQN team?
1. Collector Statistics
2. Mid month servicing
3. Loan Management Summary reports
4. Accounts at risk of graduation
5. Newly graduated accounts
6. Rehabilitation and Graduation Rates
List five reasons for default?
Negligence
Illness
Incarcerations'
Abandonment of property
Death of mortgagor
Breakdown in living relations
Incorrect split of SD payments
Late posting of SD
Unemployment / Underemployment
Pending sale of property
Late remittance of SD
Reduction in income
Seasonal employment
Excessive obligation (overindebted)
Higher education
Inability to rent property
Loss of rental income
Late fee error
Marital difficulties
Payment or arrears dispute
Property or infrastructural issues
What is the charge-off approval limit for the SGM, CRM?
$2,000,000 to 2,999,999.99
How many quality objectives do we have?
Five (5)
Provide 3 write off criteria.
Mortgagor is without an income and there are no known relatives who are willing/able to settle the account on the mortgagor’s behalf.
Balance remains due to internal errors resulting from improper close-outs, mispostings, use of incorrect payment codes etc.
Balance of $500,000.00 or less remains after the property has been sold by Public Auction or Private Treaty.
Mortgagor’s loan term has expired and the existing principal balance is less than or equal to $25,000.00 and all feasible collection efforts have failed.
Recovery efforts via litigation appear futile and are becoming costly.
Loan has exceeded the maximum charge-off
period of 5 years and there is no improvement in the mortgagor’s circumstances
What type of servicing activities should be taken when an account with a broken promise is identified?
1. Review the previous collector notes.
2. Identify the broken promise amount.
3. Contact mortgagor regarding outstanding promise amount.
4. Update new payment promise if applicable.
5. Update account status to reflect the new arrangement or appropriate action such as removing or replacing the Verbal Payment Arrangement (VPA) or Written payment arrangement (WPA) and sending a pre-outsourcing notice and changing status to Pre-Outsourcing (PO).
6 Update collector comments to update activities carried out.
These steps are dependent on the scenario If the collector decides to move the account to recovery then the applicable updates are necessary.
What is the the TITO for mass communication?
Trigger
Input
Transformation
Output
State three (3) property circumstances that would facilitate a charge-off?
Units in locations where there is little or no possibility of recovery of outstanding loan balances.
There has been a hostile takeover of the unit/property by hoodlums
Hard-to-sell properties that have been advertised by Private Treaty for over 2 years
Which objective directly impact Loan Management?
Objective 5
Contribution to the financial health of the organization by maximizing mortgage collections and minimizing credit losses and delinquency.
What is the TITO for the special assistance process?
Trigger
Input
Transformation
Output
Give an example of TITO for VQN Administration.
Trigger
Input
Transformation
Output
What is the trigger for email servicing of accounts in the 1-29 days category?
As at the 6th of each month, the commencement of dispatching email notification to mortgagors within the 1-29 days category begins with the generation of the Aging by Collector Report.
What is the primary reason for effecting charge-off?
The primary reason for effecting charge off is to remove uncollectible interest from the revenue calculation.