Chapter 11 - Selected Consumer Protection Regulations Flashcards

0
Q

Force-Placed Insurance

A

Type of insurance that covers the lender’s interest in the home.

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1
Q

Dual Tracking

A

The term used when servicers move forward on a foreclosure at the same time the mortgage servicer is working with a borrower on a workout plan.

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2
Q

Loan Workout

A

Establishment of new payment terms that are mutually agreed upon between the lender and delinquent borrower to get payments back on schedule.

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