Mortgage Loan Foreclosure
This workflow template illustrates activities that occur before, during and after a mortgage loan is foreclosed on, including the initial customer contact, property inspection and foreclosed property sales. 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 Mortgage Loan Foreclosure business process.
Related KPIs : 90+ DPD Loans as a Percentage of Loans Serviced, Cycle Time: Foreclosure Sale, Loss Mitigation Success Rate, Number of Mortgages in Foreclosure per Foreclosure Employee
What is Mortgage Loan Foreclosure?
Mortgage Loan Foreclosure includes a set of processes that are triggered when a borrower is 60 or more days past due on their mortgage loan payments. The foreclosure process begins with a letter sent to the borrower when their loan delinquency has reached a certain threshold - typically 60 or more days past due (60+ DPD). At that point, the borrower is presented with options to complete payment or modify their loan to avoid foreclosure. If the lender and borrower cannot reach an agreement, the property moves into foreclosure - during this time, the bank inspects the property to assess its value and condition, and prepare for sale.
Download a Sample Mortgage Loan Foreclosure
Frequently Asked Questions
Q: How do you create your Workflow Templates?
A: From real-world consulting engagements with Fortune 500 leaders. We’ve spent 25 years analyzing operations at hundreds of leading companies worldwide, documenting thousands of business processes at precise levels of detail. We’ve anonymized this data—drawn from millions of dollars’ worth of consulting assignments—and have made it available to you in easy-to-use templates at affordable OpsDog prices.
Q: What can a Workflow Template do for me?
A: Boost productivity, efficiency, and service levels! Broken business processes—marked by manual workarounds, downtime, and errors—are all too common. Many businesses write off this waste as “the cost of doing business.” But you know better than that! Simply select the OpsDog Workflow Template that best fits your situation, tweak it to your liking, and then use it to train employees, identify process improvements, inform an IT project, or re-design a workflow. That’s a lot of power in your hands, cheap!
Q: What’s in the box when I buy one?
A: Three handy versions, all in one zipped file. It’s yours to download immediately upon purchase, and includes your chosen Workflow Template in PDF format, plus Microsoft PowerPoint (which you can edit), and Visio (which you can also edit).
Q: Your download-able templates look great. But I need something custom. Can you help?
A: Heck yes. Our analysts would be happy to provide you with a more detailed Workflow Template than what we offer for instant download. We can also develop an entirely new, customized Workflow Template to fit your business; we specialize in this stuff and would love to help you! Simply email us (firstname.lastname@example.org) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.
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...
Type : Workflow Template
Process Participants : Customers (Borrowers), Mortgage Loan Servicing Staff, Collections Staff, Mortgage Loan Loss Mitigation Staff
Deferments & Forbearance
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, a...
Type : Workflow Template
Process Participants : Credit Counselor, Loan Servicing Specialist, Credit Consultant