Default Mortgage Loan Collections
This workflow template illustrates the generation of past due borrower lists (including overdue balance amount, borrower contact information, etc.) and the subsequent borrower contact, loss mitigation (if the borrower is eligible) and payment collection tasks related to collecting on mortgage loans in default. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the Default Loan Collections business process.
What is Default Mortgage Loan Collections?
The Default Mortgage Loan Collections process involves coordination between customers (i.e., borrowers) loan servicing staff and collections team members to collect overdue loan balances (typically 30 or more days past due). This process includes the generation of a list of borrowers who are carrying past due balances, the pass-off of this list to the collections team and subsequent tasks related to collecting the past due balance or adjusting the terms of the loan to assist the borrower with payment (loan modification, deferments, etc.).
Download a Sample Default Mortgage Loan Collections
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