Collection and delinquency policy

[Audio] Collection and delinquency policy SPEAKER: Zald.

[Audio] PURPOSE: THE PURPOSE OF THIS POLICY IS TO ENSURE QUALITY LOAN PORTFOLIO..

[Audio] DAYS DELINQUENT 1- 5 DAYS ACTION GRACE PERIOD FOLLOW UP NONE DAYS DELINQUENT 6 ACTION FIRST NOTICE TO BE SENT " A GENTLE REMINDER" FOLLOW UP MANAGEMENT WILL GENERATE DELINQUENCY NOTICE DAYS DELINQUENT 15 ACTION SECOND NOTICE TO BE SENT. IF PAYMENT IS NOT MADE WITHIN 15 DAYS AFTER THE INITIAL PHONE CALL OR REMINDER LETTER. FOLLOW UP THE MANAGEMENT WILL GENERATE AGAIN THE SECOND LETTER ENCOURAGING THE BORROWER/ MEMBER TO BRING THE ACCOUNT UP TO DATE..

DAYS DELINQUENT. ACTION. THE DELINQUENT LOAN WILL BE ENTERED ON THE DELIQUENCY SCHEDULE.

DAYS DELINQUENT. AFTER 30 DAYS. ACTION. * THE MANAGER/ CREDIT COMMITTEE MAY TAKE APPROPRIATE ACTION UNDER THIS POLICY INCLUDING: REPOSSESSION, FORECLOSIRE AND OTHER COLLECTION ACTION..

DAYS DELINQUENT. 60-90 DAYS. ACTION. LOAN THAT HAS TWO (2)OR MORE MONTH DELINQUENT SHALL BE ADDRESSED AT THE MONTHLY BOARD MEETING..

DAYS DELINQUENT. AFTER. 90. DAYS. ACTION. TURN OVER ACCOUNT TO ATTORNEY OR COLLECTION AGENT, IF ANY..

THANK YOU!!!.

DAYS DELINQUENT ACTION FOLLOW-UP 60-90 DAYS LOAN THAT HAS TWO (2) MONTHS OR MORE MONTH DELINQUENT SHALL BE ADDRESSED AT THE MONTHLY BOARD MEETING. A FORMAL WORKOUT AGREEMENT MADE BETWEEN COOPERATIVE AND MEMBER AT THIS RATE, LEGAL ACTION SHOULD BEGIN. WHEN NO SECURITY IS HELD, LEGAL ACTION TO RECOVER THE LOAN BALANCE ON ANY ACCOUNT WHEN NO ACCEPTABLE INSTALLMENT ARRANGEMENT HAS BEEN MADE. IN SPECIAL CIRCUMSTANCES, EX. IF MEMBER HAS FAILEDTO RESPOND, ACTION MAY BE TAKEN EARLIER. THE MANAGEMENT SHALL IDENTIFY POTENTIAL LOSSES(i.e. CHARGEOFFS/POTENTIAL RECOVERY BASED ON MEMBER’S COLLATERAL) TO ENSURE PROPER DEVALUATION PERCENTAGES ARE REPORTED TO MANGEMENT AND BOD’S. THE LOAN DEPARTMENT /COMMITTEE /MANAGER RECOMMENDS THE FORMAL WORKOUT AGREEMENT ACCORDING TO THE POLICY..

DAYS DELINQUENT ACTION FOLLOW-UP AFTER 90 DAYS TURN OVER ACCOUNT TO ATTORNEY OR COLLECTION AGENT, IF ANY. LAW SUIT CLAIM AND DELIVERY, FORECLOSURE AND FURTHER COLLECTION EFFORTS. 365 DAYS IF LOAN HAS NOT BEEN REPAID, LOAN CHARGE-OFF SHOULD BE CONSIDERED. THE BOARD AND MANAGEMENT MAKES JUDGEMENT ON THE LOAN TO BE CHARGED OFF BASED ON THE POLICY..