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Loss Drafts Terminology
| Questions |
Answers |
| A check that does not contain complete endorsements by all payees listed. |
Unendorsed Check |
| A check that is past its expiration (void by) date. |
Stale Dated Check |
| The client's loan management system that allows for, payment processing, escrow administration to letter writing. It processes special loan types, home equity loans, loss mitigation, and default. From customer service, to investor services, and loan pay o |
Servicing System |
| Refers to foreclosure property which has been returned to the bank due to the borrower defaulting on the mortgage. Banks hold the title, manage the property, and are responsible for selling it. Bank owned homes are sold directly through each lender’s loss |
Real Estate Owned |
| Refers to foreclosure property which has been returned to the bank due to the borrower defaulting on the mortgage. Banks hold the title, manage the property, and are responsible for selling it. Bank owned homes are sold directly through each lender’s loss |
Restricted Escrow |
| An insurance claims adjuster who is an advocate for and paid by the policyholder (homeowner) in appraising and negotiating an insurance claim. They exist because of the unequal bargaining power between homeowners who have suffered a devastating loss and t |
Public Adjuster |
| A trained person hired by the mortgage company, that will determine the quality of repairs made to the property. Also, they will interview the homeowner to determine satisfaction with the repairs. |
Inspector |
