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.

You need to set up the Loss Mitigation Outcome table before you can add loss mitigation records in the Collections Application. The loss mitigation outcome table is where you identify the possible outcomes of your company's loss mitigation efforts. You can use these outcomes when you add a loss mitigation record in the Collections Application.

Examples of possible outcomes include: repayment plan established, loan paid off, and foreclosure in process.

1. Access event manager.
2. Access table setup.
3. Access the loss mitigation outcome table.
4. Select open. the loss mitigation outcome screen appears.
5. Select new. The new loss mitigation outcome screen appears.
6. Enter a code for the action in the Code field. Assign a unique code to each outcome you add to the table.
7. Enter the name of the action in the Name field, up to 50 characters.
8. Select Ok.

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