Servicing Final Assessment Review

Payments

100

What types of payment do we accept?

ACH and Wire. 

200

Name two things that might prevent applicants from updating their payment due date:

• First payment must be satisfied.
• To ensure that a borrower receives a statement prior due date, it is required that the new payment date is at least 16 days from now.
• Loan must be current for the customer to change the payment due date.
• New payment date cannot be more than 30 days past the current payment due date.
• New payment date can only be changed once every two years.
• New payment date can only be changed 3 times during the life of the loan.
• New payment due dates may increase monthly payment when the date is pushed back.

300

When is an Autopay Agreement required for autopay changes but not others?

When requesting to turn autopay on.

400

Who all can make a payment over the phone? 

Primary Borrower

Additional Signer

An Authorized Third Party (ATP)Confirmed Successor in Interest or Power of Attorney

500

How are payments applied? 

1. Accrued interest 

2. Any outstanding fees on the account 

3. Principal

Insurance

100

How long does a borrower have to send proof of insurance?

Within 5 business days after the funding date

200

What do I need to send you as my proof of insurance?

Declaration page

300

What is the name of our insurance provider?

Allied Insurance? 

400

How long would it take for a borrower to receive a refund of any paid LPI fees?

Up to 15 business days

500

What is Allied insurance's email?

[e-mail]

Disclosures

100

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)

200

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.

300

What is the payment over the phone script?

“Today is [today’s date] and you are authorizing Figure to initiate a one-time ACH debit in the amount of $________ from the bank account ending in [last four digits] on [date debit will occur]. By agreeing to these terms, you are confirming that you are the owner of this account or legally permitted to authorize payments from this account. To authorize the payment terms and transaction, please state your first and last name and ‘I agree’."

400

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 Fail script, if a caller fails to CV properly.

500

What do you say when a caller is recording the call?

[Lender] does not consent to the recording. We decline permission. I am ending the call.

Past Due Accounts/LAAS

100

When does a DQ account get reported to the credit bureaus?

30 Days

200

When can a borrower take out a redraw after Forbearance?

After making 3 consecutive payments

300

Who do we state the MMR to?

Borrowers, Authorized Third Parties, and third party companies with a Borrowers Authorization

400

When will the Forbearance Ending Review task generate?

10 days prior to end date

500

Which Loan Assistance option is NOT offered to HELOC borrowers?

Skip-a-Pay

Closing Accounts

100

When is a borrower not offered the option to keep an account as "paid open"?

When they are past their draw end date

200

How long will it take a Paid in Full letter to generate? 

15 business days from the date of payment. 

300

What is the name of the task that we generate ONLY when closing an account?

Payoff Candidate Review Task

400

Who can request a payoff? 

Borrowers

Additional Signers

Authorized Third Parties

Third party Companies with a BA

500

What is the name of the email that third parties can send their Borrowers Authorization to? 

[e-mail]