Online Education Helps Servicers Help Borrowers

Usually we worry about how credit counselors can best assist borrowers. Yet another aspect of that support is self-assistance and continuous education both online and offline. Today, online education for financial services providers is a sign of the times because it is efficient and global in its outreach.

During the past few years AllRegs of Eagan, Minn., has been providing online courses on essentials in mortgage lending through the company's education division. "No matter what the state of the mortgage lending industry may be, it is a critical factor for professionals to maintain a strong knowledge base of the mortgage cycle and its components," says AllRegs senior vice president, Dan Thoms.

On Aug. 26, the company will offer "Loan Modifications - Scenarios from the Front Line." The course is timely, because unstable real estate asset values have made loss mitigation "a critical tactic in managing cash flow expectations," the mortgage marketplace publisher said.

Fannie Mae and Freddie Mac have once again suspended foreclosure evictions to encourage loan workouts, pushing the moratorium deadline out to April. Understanding the loan modification programs and applying them appropriately to each unique borrower circumstance can be a daunting task.

Instructors will discuss real-life scenarios showing how the decision-making process unfolds and what needs to be done so that borrower needs are in line with loan modification solutions and related government requirements. "By applying current modification options to actual loan situations will help bridge the gap between concept and reality," the company said.

The course will also address how to appropriately support investor requirements when working on a modification all the while considering lender, mortgage insurer and borrower interests. It is designed to help participants rethink how loss mitigation may be deployed to support investors' interests, identify and implement loan modification programs available, evaluate the pros and cons of loan modification options and key features of a borrower profile necessary to pursue a modification, and understand how current modification options apply to their loan portfolio. Highlights include enabling students to detail current modification programs and how their distinctive features apply to a borrower's situation. Also, it explains the steps servicers can take to process a modification and explains best strategies in evaluating a loan modification candidate.

The course would best serve investors, servicers, especially loss mitigation or collection specialists, securities issuers, credit professionals, loan modification specialists and loan risk professionals. Since 1989 the AllRegs Academy has offered the "Essentials of Mortgage Lending" course, which explains the basics of lender-borrower perspectives, an overview of the U.S. mortgage markets, their impact on capital markets, compliance and mortgage fraud red flags.

A global provider of regulatory intelligence, policy management, process management and oversight, Wolters Kluwer Financial Services also offer expanded electronic-learning opportunities. The firm partnered with the Unicorn Training Group, an e-learning provider for financial services in the U.K., to offer a wider range of customizable courses for financial professionals interested in information tailored to their firm's policies, procedures and culture. Courses cover compliance, including anti-money laundering, ethics, financial crime and data protection. "As the financial markets experience unprecedented change, the importance of having properly trained staff has never been more apparent," says Neill McWilliams, CEO of UTG, experts offer customized insight on regulatory changes.

Next in News ►