Mod 4 - Customer Service/Collections Oversight Flashcards
How do you intend to handle complaints about your sub-servicer? Have you discussed this with your sub-servicer? Walk me through how you will handle a complaint that comes directly to you.
Complaints received by us are categorized to either minor/no risk or High Risk. A written acknowledgement within 5 days of the inquiry to the sub-servicer and ensuring/following up with the sub-servicer that the complaint has been resolved within 30 days. High risk complaints (Assertion of Fraud, Inquiry from a regulatory, Inquiry of Fannie Mae) are sent to sub-servicer and sub-servicer response time must be within 10 days. We must ensure a 1-business turnaround for review and draft responses.
When should your sub-servicer begin outbound calling for all delinquent loans?
No later than the 36th day of delinquency.
When should the breach letter be sent?
No later than the 75th day of delinquency.
Are borrower escalations tracked and is the information used to address common themes? Please describe.
We have ensured that the sub-servicer is keeping its own records for complaints that they receive. On a monthly basis, we will compare the complaints that we and the sub-servicer have received to determine if there are any recurring issues that need to be address. Whether it involves an individual, department or process. During monthly meetings with the servicer, we will address these concerns and establish a remediation plan for the source of complaints.
Give a timeline for borrower outreach for resolution of loss mitigation activities
Day 17: 1st-lien mortgage loans, sub-servicer must send a payment reminder notice to borrower if payment hasn’t been received.
Day 36: calls made every 7 days until QRPC is made, borrower response package is received, OR delinquency status is resolved.
Day 45: If QRPC or resolution hasn’t achieved, sub-servicer must send either a Borrower Solicitation Letter or a Borrower Solicitation Package.
