RC_LA_CR_200.2 Loan Servicing Concepts for Customer Service Representatives
Option | Price |
Member | $50.00 |
Non-Member | $100.00 |
Loan servicing is a large, complex array of functions that comprises one of the three primary disciplines necessary to the business of mortgage banking: loan production, secondary marketing, and loan servicing. Together, loan production and secondary marketing create the loan servicing portfolio. The mortgage banker's loan servicing portfolio is its "storehouse of value," a salable asset that produces a regular, long-term stream of income. Loan servicing is the "caretaker" of this asset, which typically is the mortgage banker's single greatest source of net revenues.
Though the different functions involved in loan servicing are divided into similar work categories, they overlap and are reliant upon one another. There are different names given to these functions, as well as different organizational structures linking them together. The functions are generally categorized into three primary groups: accounting, customer service, and asset preservation. It is important for customer service representatives (CSRs) to be familiar with the role all of the groups play.
Loan Servicing Concepts for Customer Service Representatives starts by looking at various loan servicing functions including new loan setup, records retention, document management, escrow administration, payoffs, assumptions, collections, loss mitigation, foreclosure, bankruptcy, REO, and accounting. The course then examines the objectives of a loan servicing department. Among these objectives are maximizing income, managing servicing fees, reducing the servicer's risk, minimizing costs, and creating goodwill.
This is a single-family/residential course.
Topics:
- Loan Servicing Functions
- Loan Servicing Objectives
Seat time approximately 1 hour.
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