Deferments & Forbearance Workflow Template

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Overview: Deferments & Forbearance Workflow Template

This workflow template illustrates the review and documentation of deferment or forbearance requests from debtors. Purchase and download this template in PDF, Visio and PowerPoint formats, and customize it to fit your organization, or use it to better understand the Deferments & Forbearance process.

Download a Free Sample of this Workflow Template


Process Details and FAQ: Deferments & Forbearance

What is Deferments & Forbearance?

The deferments & forbearance process involves the review and documentation of deferment or forbearance requests from debtors. A deferment is a temporary suspension of a customer's required minimum monthly loan payments (common component of student loan repayment practices). Forbearance, on the other hand, can either reduce or temporarily suspend loan payments. This process includes deferment and forbearance request reviews (for eligibility, etc.), approval or denial of request, mailing of verification letters and updating debtor account information.


Which KPIs, or metrics, are typically used to measure this process?

The following metrics are typically involved in the Deferments & Forbearance process:


  • 1.Forbearance Approval Rate
  • 2.Deferment Approval Rate
  • 3.Total Dollar Value of Deferred Debts

Which employees and/or departments are involved in this process?

The following parties are typically involved in the Deferments & Forbearance process:


  • Credit Counselor
  • Loan Servicing Specialist
  • Credit Consultant

What is the purpose of these workflow templates?

Broken business processes pervade companies, large and small. Manual workarounds, downtime, errors and other waste is thought of as "the cost of doing business." Use our workflow templates as a starting point to document your own processes. Customize them to fit your business and add "call outs" for improvement opportunities.


How are these workflow templates created?

These workflow templates are the product of over 20 years of hands-on management consulting experience, as well as research performed by the OpsDog team. All of our workflows are mapped using the BPMN 2.0 specification.


How do I download a workflow template?

Simply click the "add to cart" button and follow the process to purchase and download this workflow template. You can use any major credit card, or a PayPal account, to pay. After you have completed the purchase, you will receive a link to immediately download the document in PDF, Visio and PowerPoint formats. If you aren't a registered OpsDog user yet, create a free account! New users get $20 off of their first purchase.


Questions?Call: 844-650-2888Email: info@opsdog.com
  • Workflow Template

    $15

    Deferments & Forbearance

    - Instantly download files
    - Includes PDF, VSD, PPT file formats
    - Customize PowerPoint, Visio versions
    - Workflows mapped in BPMN 2.0

    Questions?

    Call: 844-650-2888

    Email: info@opsdog.com

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