Description
45min | Credits: 1 CRCM
Covers the conditions for a loss mitigation application receipt and obligations of forbearance and repayment plans, and the requirements for providing a notice of complete application and denial circumstances. Identifies how a determination notice is used for a loss mitigation offer, conditions for acceptance or rejection, and conditional non-home options.
Audience: Anyone performing duties in consumer mortgage servicing areas who have live contact with borrowers.
Learning Objectives
After completing this course, students will be able to:
- Identify when loss mitigation rules apply
- Describe how a loss mitigation application is reviewed
- Explain requirements when evaluating loss mitigation applications and loss mitigation offers
- Describe the timing and content of a determination notice for loss mitigation applications and loss mitigation offers
- Explain the servicer’s obligation for loan modifications and appeals
This course is part of the ABA Frontline Compliance program.