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.
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.
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.