This course provides the participant with an explanation of bankruptcy and
the responsibilities of processing and managing a bankruptcy account.
This course is appropriate for participants who are in the first step of the Default Administration track for CMS certification. It is also useful to account managers, compliance officers, auditors, default administrators, and anyone who desires a thorough understanding of the bankruptcy process and its effect on the mortgage servicing industry.
Course Outline:
Lesson 1 - Bankruptcy Basics
- Defining Bankruptcy
- A Brief History of Bankruptcy in the United States
- Types of Bankruptcy (Chapters 7, 11, 12, and 13)
- Secured and Unsecured Debt
- The Role of the Trustee
- Closing the Bankruptcy Case
Lesson 2 - Processing the Bankruptcy Loan
- Servicer Initial Steps
- Filing Proof of Claim
- Managing Payments
- Managing Bankruptcy Reports
- Filing for Relief from Stay
- Consent Orders
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or
Certified Mortgage Technologist (CMT) designations. This course also earns five points towards
MBA's Mortgage Servicer, Default Administration Professional Certificate (CMS Level II).
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