Transcription of CHAPTER 18: NON-PERFORMING LOANS
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CHAPTER 18: NON-PERFORMING LOANS
HB-1-3555 18-1 (03-09-16) SPECIAL PN (03-09-16) SPECIAL PN Revised (07-02-18) PN 514 CHAPTER 18: SERVICING NON-PERFORMING LOANS ACCOUNTS WITH REPAYMENT PROBLEMS 7 CFR INTRODUCTION The servicer is required to employ an experienced and knowledgeable staff, follow accepted industry servicing practices, and maintain a servicing platform that keeps records of all servicing actions. Servicers are fully responsible for complying with this CHAPTER regardless of any sub-servicing arrangements. Appendix 8 of this Handbook outlines the servicer s responsibility to report to the Agency all delinquent LOANS and quarterly portfolio reports through EDI.
A goal of the Agency is to provide a borrower the maximum opportunity to remain a successful homeowner and the servicer should approach loan servicing as a preventive as well as a curative action. Prompt counseling and follow-up with a borrower who is late with a monthly payment, especially the first payment, is key to enhancing the likelihood
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