Setting up the Loss Mitigation Checklist Table

Setting up the Loss Mitigation Checklist Table

Using the Loss Mitigation feature in Collections, you can record information that helps your companytrack 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, and 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 the loss mitigation reason table.

When you create a loss mitigation record in the Collection Application, you can use a checklist to keep track of the documents that are gathered and the tasks that are performed. The Loss Mitigation Checklist table is where you identify the items that appear on the checklist in Collections. You need to set up the Loss Mitigation Checklist table before you can add loss mitigation records in the Collections Application.

Examples of possible checklist items include: copy of credit report, employment verification, and payment history.
To add and item to the Loss Mitigation Checklist:
  • Access the event manager application.
  • Access the loss mitigation checklist table.
  • Click Open, the loss mitigation checklist screen appears.
  • Click New, the new loss mitigation checklist screen appears
  • Enter a code for the item in the Code field. You will need to assign a unique code to each item you add to the loss mitigation checklist table.
  • Enter the name of the item in the Name field, up to 30 characters.
  • Click OK.

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