Setting up the Loss Mitigation Reason Table

Setting up the Loss Mitigation Reason Table

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.

Set up the Loss Mitigation Reason table before you can add loss mitigation records in the Collections Application. The Loss Mitigation Reason table is where you identify the possible reasons why a borrower has defaulted on a loan. You can use these reasons when you add a loss mitigation record in the Collections Application.

Examples of possible reasons include: Unemployment, divorce, and primary borrower deceased.


To Add a Loss Mitigation Reason:
  1. Access the event manager application.
  2. Select table setup.
  3. Select loss mitigation reason table.
  4. Select open. The loss mitigation reason appears.
  5. Select newt new loss mitigation reason screen appears.
  6. Enter a code for the reason in the Code field. Assign a unique code to each reason 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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