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.
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 appeal