Reporting a Deed in Lieu

Reporting a Deed in Lieu

When you want to report a Deed in Lieu to the Credit Reporting Agency in Servicing Director.


Prerequisite: You must first set up a Payoff Reason

 

1. Perform a Payoff Quote in Customer Service using the payoff reason Deed in Lieu, Adjust the loan balance as desired via Customer Service, Other, Loan Adjustment Screen.

 

Or

 

2. In Collections, Options, Foreclosure/Charge off Select one of the Foreclosure Types then Select the Payoff Reason Deed in Lieu

Select Ok

 

If the appropriate payoff reason was not set prior to performing the Foreclosure, on the Credit Screen in Customer Service , select payoff reason of Deed in Lieu.

 

Note: The next Credit Bureau export will report the loan with an account status of 89, which is the Metro II status for Deed in Lieu.

ArticleNumber:

000046994

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