| HELOC | 1ST MORTGAGE |
|---|---|
|
What is the payment hierachy for a HELOC
Oldest due interest
Oldest due principal Newest due interest Newest due principal Current due principal Billed escrow Billed credit life Billed A&H (no accounts with this product) Billed credit life Late fees Other Fees NSF fees, assessed prior to 04/01/2022 Unbilled principal PCL (disputed amounts PCM (forbearance) Unbilled interest Escrow Recoverable corporate advances |
What is the payment hierachy for a current 1st mortgage?
Interest
Principal Escrow Life Ins Accident & Health (A&H) Insurance Late Charge Corporate Advance Other Fees Non-Sufficient Funds (NSF) Fee, assessed prior to 4/1/2022 Additional Principal |
|
Where can you see the dates of a billing cycle?
Monthly statement on the top right hand side.
|
Where do you get the effective date for a reverse and reapply HLMS?
LHIS >> Additional Transaction Details: Eff Date
|
|
A client called in on May 6th because he made a payment for the principal three days ago. Although the payment went to cover his monthly payment due on April 28th. How will you proceed with the call?
INFORM THE CLIENT THAT THEY ARE UNABLE TO MAKE PRINCIPAL PAYMENTS UNTIL THE MONTHLY PAYMENT HAS BEEN PAID.
|
A client calls in on August 1st because they made the monthly payments for August, September, and October on July 15th. Only the month of August was paid and the remaining funds went to principal. The client wants this fixed and doesnt want the funds to remain in the principal. How would you proceed with the call?
Inform the client they are only able to pay ahead ONE month. We can submit a request to cover the month of September but not October. In order to cover October the client will have to call in in a month. (ALTERNATE OPTION: If client intends to continue paying in advance use SC: Process a Paid in Advance Request)
|
|
A client called in on june 8th because they made their HELOC payment for due date June 3rd and July 3rd. But only June 3rd was paid and the difference went to the principal. How would you proceed with the call? What SC will you use?
Inform client that they are unable to pay ahead on a HELOC. (ADDITIONAL: CLIENT CAN CALL IN ONCE BILLING CYCLE HAS ENDED TO REVERSE PAYMENT FOR JULY) SC:Payment Post by Hierarchy Job Aid
|
A client called in on August 1st because they made a payment to their HELOC principal instead of their mortgage by accident. What SC would you use to proceed with the call?
SC: Submit a Reverse or Reapply for Other Bank Products
|
Support Us on Ko-fi