Risk Management of Foreclosure Policy
The purpose of this Risk Management of Foreclosure Policy Template is to generally state the conditions and the processes under which a bank, credit union, or other type of financial institution functions and operates its foreclosure operations to ensure prudent attempts are made by lending personnel at the earliest indication of such problems that are consistent with safe and sound lending practices to work out loans of homeowners who have defaulted on their contractual obligations that are in the best interests of both the financial institution and the borrower.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Risk Management – Topic 3
- Contacting Delinquent Borrowers – Topic 4
- Options for Delinquent Borrowers – Topic 5
- Loan Workout Program – Topic 6
- Imminent Foreclosure Sale Standards – Topic 7
- Audit Policy – Topic 8
- Staff Training – Topic 9
- Retention of Documentation – Topic 10
Recent updates to this product:
Current Expected Credit Losses (CECL) Accounting Standard
Federal Reserve Consumer Affairs Letter CA 18-4 – Restoration of Protecting Tenants at Foreclosure Act of 2009
National Defense Authorization Act for Fiscal Year 2018
This Risk Management of Foreclosure Policy Template (approximately 24 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $175.00.
NOTE: The complete contents of this template are also included in the Mortgage Loan Policy Template.
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