When a Borrower Dies: Actions to Take, Mistakes to Avoid
Now what? A borrower passed away, but still owes money to your institution. What are the chances of collecting? How do you go about it – compliantly? Is set off an option? What about relatives or joint accounts? Don’t miss this jampacked webinar with the answers to all your questions.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand what steps to take when a probate estate is opened and what to do when a probate estate is never opened
- Determine when relatives of the deceased or other parties can be held liable for repayment of the loan
- Distinguish the situations when the death of a co-borrower can constitute a default under the loan
- Properly exercise your institution’s rights of setoff in the deceased’s deposit accounts
- Explain the special rules for home mortgage loans when a borrower dies
WEBINAR DETAILS
It’s bound to happen. One of your borrowers dies still owing on a loan or other obligation. In this situation, you must act swiftly to increase the chances of collecting on the loan and to avoid liability. What should you do? This webinar will explain the proper procedures and processes your institution should follow when a borrower dies owing on a loan or other obligation to your institution, including the special procedures under the mortgage servicing rules regarding home loans.
WHO SHOULD ATTEND?
This informative session will be useful to all loan officers, loan operations personnel, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.
