01/28/2020: Payoff Requests for Bankruptcy and Foreclosure Loans

The information in this newsflash applies to Retained Servicing Loans.

Always use the Director Script for Payoff Quote Requests for loans in an Active Bankruptcy or Foreclosure status.  The script reviews loan conditions and process stops and opens the proper task to the Payoff Department for these loan types.

Never manually process a payoff request for Active Bankruptcy or Foreclosure loans.  These loans require special calculations which must be completed by the Payoff Department.  Failure to follow the correct process results in an inaccurate quote and a negative financial impact to the company.  

Active Bankruptcy and Foreclosure Loans are easily identified by viewing the Indicator and the Maintenance Code (Mancode) on the SER1 screen.

Active Bankruptcy loans display this indicator and 

Maintenance Code B on the SER1 screen.

Active Foreclosure loans display this indicator and 

Maintenance Code F on the SER1 screen.

The Director Script opens the appropriate task on Active Bankruptcy and Foreclosure loans.  Once the Script is complete, the next step is to manually add task notes to provide the information listed below to the Payoff Department:

  • Document who is requesting the payoff statement
  • Provide payoff good through date
  • How customer or 3rd party would like to receive the payoff
    • Email
    • Mail 
    • Fax

  • Task ID BKPORQ for Active Bankruptcy
  • Task ID FCPORQ for Active Foreclosure

The alert shown below appears on the PAY1 screen when attempting to manually order a payoff quote on an Active Bankruptcy or Foreclosure loan.  

Do not press F1 to continue.  Open the correct task for an Active Bankruptcy or Foreclosure Payoff.  

Never proceed with a manual payoff process when this Alert screen appears.

KnowledgeOwl has been updated with this information in the Payoff section.  Search for Payoff Quotes – Active Bankruptcy Loans or Payoff Quotes – Active Foreclosure Loans.  Please see your Manager or Lead if you have any questions.