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CFPB
SYSTEMS
DEFAULT SERVICING
DOCUMENTATION
POTPOURRI
100
They are in place to write rules, supervise companies and enforce federal consumer financial protection laws
What is the main purpose of the CFPB?
100
Tracking, managing training hours and attendance
What is the Learning and Performance System used for?
100
We must attempt to collect a debt and secure a payment or promise
What is what do we do in collections
100
A document provided by a lender, or broker, to the consumer that itemizes estimated fees and costs associated with the loan
What is the GFE
100
A suspense account held by the servicer to pay taxes / insurance
What is Escrow
200
(In the time zone of the customer) between the hours of 8am-9pm.
What are the hours we may contact the customer?
200
ADP
What is the system used to clock in and out.
200
120 days
What is when servicers/lenders able to foreclose on a property
200
Appraisal
What is the professional (appraiser) opinion of the property value. It provides the details on the property inside and out
200
1999
What is the year LenderLive was founded.
300
A written identity theft prevention program designed to detect, prevent and mitigate damage.
What is what does the Red Flags Rule require businesses and organizations to do?
300
SRT and Doc Viewer
What is, two areas/system you are able to view loan documents
300
BPO
What is Broker Priced Opinion
300
Document that states the flood zone status of real property
What is the Flood Certificate
300
ARF
What is an Action Request Form
400
Regulation that provides the guidelines for required service transfers notices
What is RESPA
400
The borrower is to send in certified funds
What is when a loan is 45 days past due, we require the borrower to send in certified funds to eliminate applying insufficient funds.
400
August 1 2015
The effective date of the TILA RESPA Integration disclosure
400
2008
What is the collapse of financial institutions due to the high number of defaulting loans and poor business decisions. Also acceptable housing market collapse etc
500
Reg Z
What is TILA
500
BGS
What is the Borrower Grading Score, BGS is a visual indicator of a loan’s current risk score as it relates to borrower behavior on the loan. Late payments, un-kept /broken promise- to-pay arrangements, active foreclosure and bankruptcy action all factor into the overall scoring process.
500
Rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets.
What is bankruptcy chapter 11
500
The legal ownership rights to a physical property
What is the Title
500
Quality checking and auditing of accounts according to the Investors, Federal and State regulations
What is QC