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. When a loan becomes past due, the servicer must take prompt and aggressive action to help the borrower bring the account current. The servicer should work closely with the borrower to resolve any delinquency as early as possible to prevent further collection activity. In cases where the borrower is unable or unwilling to repay the loan, the servicer must take prompt action to liquidate the loan, either by encouraging the borrower to liquidate voluntarily through foreclosure.
hb-1-3555 (03-09-16) special pn 18-1 revised (10-14-20) pn 543 . chapter 18: servicing non-performing loans – accounts with repayment problems
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