Genesis Forbearance And Settlements Quiz

The borrower is allowed a maximum of one Past Due forbearance every 12 months. This means that they can request a forbearance on their past due payments only once within a 12-month period.

During a Partial forbearance, a Genesis borrower is required to make a minimum monthly payment of $20.00.

A Partial Forbearance lasts for a period of six months at a time.

The acronym RC stands for "Referred to Collections" or "Referred Collections." This term is commonly used in the context of debt collection, where it indicates that a delinquent account has been transferred or referred to a collections agency for further action.

Both RC (Recovery Chance) and Charge Off borrowers are eligible for a settlement offer. This means that regardless of whether the borrower's account has been charged off or is currently in recovery, they can still be considered for a settlement offer. The fact that both types of borrowers are eligible suggests that the settlement offer is not limited to a specific category or status of borrowers.

Janet can have her late fee waived because she has applied a Past-Due Forbearance to her Genesis Account. This forbearance allows her to temporarily suspend or reduce her loan payments, including any associated fees. Therefore, her late fee can be waived.

RC borrowers will not be able to access their account information through the Genesis online account management system.

Lori's Genesis loan is currently 120 days delinquent, which means she has not made payments for the past four months. Typically, lenders offer settlement offers to borrowers who are facing financial difficulties and are behind on their payments. However, since Lori's loan is already 120 days delinquent, it is likely that she has already missed the opportunity for a settlement offer. Therefore, the answer is "No."

The correct answer for the late fee for a Genesis Loan is $25.00.

Partial forbearance is the type of Genesis forbearance that requires the borrower to have experienced a financial hardship. This means that the borrower is allowed to make reduced payments or no payments for a specific period of time, but is still required to make some payments. This type of forbearance is often granted to borrowers who are experiencing temporary financial difficulties and need some relief, but are still able to make partial payments towards their loan.

The statement suggests that RC borrowers will most likely not have used up their 3 forbearances. This means that it is likely that RC borrowers have not exhausted all of their available forbearances. Therefore, the correct answer is True.

Genesis Lending offers settlements to borrowers who want to fully repay their loan.

Genesis will accept both lump sum payments and other forms of payment from borrowers doing a settlement.

Based on the information provided, Bob's Genesis loan is currently 145 days delinquent. The question asks if Bob is eligible for one of the Genesis forbearances based on the number of days delinquent. Since the answer is "Yes," it implies that Bob is indeed eligible for one of the forbearances offered by Genesis.

The correct answer is to transfer the call to Genesis. Since the borrower wants to do a settlement but doesn't have any money until next week, it is best to transfer the call to Genesis, who can provide further assistance and guidance on how to proceed with the settlement process.