Balloon Exception Report
Balloon Exception Reporting – B/DT
If the Balloon loan has reached Balloon Maturity then email loan number to Loss Mitigation department. Loan will need to be placed into a Modification program to continue making payments.
If loan is within 50 days of Balloon Maturity, then review that all letters have been sent to Borrower and review imaging to ensure that Intent Letter has not been received back. If all eligibility conditions were met, email the loan number to Loss Mitigation department to make contact with customer regarding intent letter.
If the loan is 44 days or less from Balloon Maturity, review that all letters have been sent to Borrower and Intent letter was not imaged email loan to Loss Mitigation Department.
Intent Letter Received
If the Balloon loan has reached Balloon Maturity then email loan number to Loss Mitigation department. Loan will need to be placed into a Modification program to continue making payments.
If loan is within 50 days of Balloon Maturity, then review that all letters have been sent to Borrower and review imaging to ensure that Intent Letter has not been received back. If all eligibility conditions were met, email the loan number to Loss Mitigation department to make contact with customer regarding intent letter.
If the loan is 44 days or less from Balloon Maturity, review that all letters have been sent to Borrower and Intent letter was not imaged email loan to Loss Mitigation Department.
Intent Letter Received