- Required Collection Letters and Calls
- Collection Letters will be sent whether or not Borrower(s) contact has been made until the account becomes current or defaults.
- Skip tracing methods must be used when warranted.
- At a minimum, the following call and letter campaign should be used if no Borrower or Cosigner arrangements have been made. Multiple attempts on the same day will count as one attempt.
- One contact is defined as actually speaking to either the Borrower or Cosigner once or more during a single day.
Range Initial Trigger Activities
1-30 Days 6 to 9 Days Written= 1 Letter | Telephone= 2 Contacts or 3 Attempts
31-60 Days 31 to 33 Days Written= 2 Letters | Telephone= 2 Contacts or 4 Attempts (Until resolved) | Past Due Notice on Statement
61-90 Days 61 to 65 Days Written= 2 Letters | Telephone= 2 Contacts or 4 Attempts (Until Resolved) | Past Due Notice on Statement
91 -120 Days 91-95 Days Written= 2 Letters | Telephone= 2 Contacts or 4 Attempts (Until Resolved)
150 Days 150 Demand Letter
180 Days 180 Default
Claim Activity As per requirements Claim Filed by Supervisor
- A “Contact” is defined as speaking with the borrower or the party (co-signer, reference, etc.) as defined within the requirements. An “Attempt” is an effort made to contact the borrower and includes leaving a message.
- If the telephone number of record = a foreign number and the Servicer is not able to call (economically or technically) then written correspondence will be increase by one (1) per Range.
Credit Bureau Reporting
Servicer shall report the Borrower and Cosigner to at least (1) national credit reporting agencies on a monthly basis. Reporting will occur on the last day of each calendar month. Delinquency reporting will begin once the Borrower is at least 60 days delinquent. At that point, both the 30 day and 60 day delinquency will be reported.
Servicer shall continue to report account delinquency until the loan is brought current.