| The purpose of this course is to provide the learners with the ability to discuss the concepts that make a default administration department operate. The first lesson introduces the basic concepts of default administration, including: the role of default administration within the servicing process, the structure of a typical default administration group, the players involved in default administration, and the impact of laws and technology on default administration processes. The second lesson presents the functions and responsibilities of the various branches within the default administration group: loss mitigation, foreclosure, bankruptcy, REO, property preservation, and default reporting.
Course Outline:
Lesson 1 - Default Administration Concepts
- Mortgage Servicing and Default Administration
- The Role of Default Administration
- Organizational Structure of Default Administration
- Management & Administrative Roles in Default Administration
- Responsibilities to Outside Entities
- Regulation and Default Administration
- Impact of Technology
Lesson 2 - Default Administration Functional Areas
- Skill Sets in Default Administration
- Loss Mitigation Branch
- Foreclosure Branch
- Bankruptcy Branch
- Real Estate Owned Branch
- Property Preservation Branch
- Default Reporting Branch
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). |