Using the Loss Mitigation feature in Collections, you can record information that helps your company track activity for loans in loss mitigation. This information includes the following:
- The status of the loss mitigation effort
- The reason the loan is in loss mitigation
- A list of recommended actions and their dates of completion
- A checklist of all the documents and tasks your company needs to complete the loss mitigation process
Before you add loss mitigation records, you must set up four tables in the System Administration module. After these tables are set up, you are ready to enter loss mitigation records in Collections. The Tables are:
- Loss mitigation action table,
- Loss mitigation checklist table,
- Loss mitigation outcome table and
- Loss mitigation reason table
Setting up the Loss Mitigation Action Table
The Loss Mitigation Action table is where you identify the actions that your company takes in its loss mitigation efforts. You can use these actions when you add a loss mitigation record in the Collections Application.
Examples of possible actions include: contact mortgage insurance company, inspect property, or obtain updated financial statement.
To add a loss mitigation action: - Access Event Manager Application.
- Access Table Setup.
- Select Loss Mitigation Action Table.
- Select New.
- Enter a code for the action in the Code field. Assign a unique code to each action you add to the Loss Mitigation Action table.
- Enter the name of the action in the Name fields.
- Select OK.
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000049473