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The Road to Success Wednesday July 31, 2013 Operations Tune-up Part II Bankruptcy Modifications PowerPoint PPT Presentation


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The Road to Success Wednesday July 31, 2013 Operations Tune-up Part II Bankruptcy Modifications Insurance Filing Processes Lien Perfection Processes June Programmatic Processes Review Deferrals, Payments, ACH, and Communication protocols with loan servicing The Final Road to Institute

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The Road to Success Wednesday July 31, 2013 Operations Tune-up Part II Bankruptcy Modifications

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The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

  • The Road to Success

  • Wednesday July 31, 2013

  • Operations Tune-up Part II

    • Bankruptcy Modifications

    • Insurance Filing Processes

    • Lien Perfection Processes

    • June Programmatic Processes Review

      • Deferrals, Payments, ACH, and Communication protocols with loan servicing

  • The Final Road to Institute

    • Important dates to remember

    • Winning Criteria / Institute Leaderboard

    • Program Content / Steering Committee Efforts

    • Yadda, Yadda, LottaPallotta (Dan that is)


Webinar wednesday

Webinar Wednesday

Is your Program on the Road to Success?

Are you going to win an award in September?

Operations “Tune Up”- Part II

Bankruptcy Modifications, Insurance, & Lien Processes


Webinar takeaways at the end of this webinar you will know how to handle

Webinar TakeawaysAt the end of this webinar, you will know how to handle…

Bankruptcy filings

  • What to do when national notifies you that a client has filed

  • How to initiate a conversation with the client as to their intentions

  • Steps on processing the modification

    Insurance Procedures

  • Closing Process- Ensuring your agency is identified as 2nd loss payee

  • Handling “total loss” claims

  • Processing repair claim checks

    Liens & Titling

  • Closing process- Notice to Dealer document

  • Paid in full- Lien Release Process

  • Buyback- Titling procedures


Bankruptcy filings

Bankruptcy Filings

  • Chapter 13- Client includes partial debt in filing

  • Chapter 7- Client includes ALL debt in filing

  • Chapter 11- Client includes ALL debt in filing who operates a business as a sole proprietor

  • Three main bankruptcy filings by clients; Of the three, you will see Chapter 13 the majority of the time


Remembering the ways to work mission

Remembering the Ways to Work Mission

Pros to being proactive

  • Assisting clients in retaining ownership of their vehicles by

    lowering their monthly

    payments

  • Fulfilling your case management obligations

  • Carrying out the mission of moving working families along the path to self-sufficiency

Cons of not being proactive

  • The client’s loan eventually being in a buyback status from all of the partial bankruptcy trustee payments

  • You lose all contact with the client depending on how long the bankruptcy lasts

  • The client develops lack of trust that our program is designed to assist them in their path to self-sufficiency


When the bankruptcy notifications are received

When The Bankruptcy Notifications Are Received

Depending on the state in which you conduct business, you are allowed to contact the client to begin a conversation about their intentions regarding their existing loan

* You will receive this confirmation with the email notification


Steps for determining a modification

Steps for determining a modification

  • Gain a clear understanding what payment is realistic based on client situation

  • Explain to them that the purpose of the modification is to extend the term of the loan to lower the monthly payment

  • Notify Internal Operations Manager of verbal agreement

  • Loan Processor will create loan new docs to establish restructured loan

  • Request a closing for client to sign updated loan documents

Win/Win Situation


Insurance filing procedures

Insurance Filing Procedures

  • The closing process is your 1st line of defense in maintaining up to date insurance policy records for all clients

  • Ensure that your agency is listed as 2nd loss payee on all vehicles within 30 days of closing


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

****New Form ****


What to do when incidents happen

What To Do When Incidents Happen

  • Inquire as much about the incident that you can

  • Obtain the claim specialists contact information from the insurance company handling the claim

  • Once all information is obtained, refer the claim specialist to the national office administrative assistant


When the vehicle r equires repairs

When the Vehicle Requires Repairs

  • The insurance company will cut the claim check in the amount of the estimated damages

  • The check will be made out to Pay to the Order of:

    • Client name and

    • Ways to Work or Agency Name

  • If the check is sent to your agency directly, have the client sign it, then forward it to the national office for VP endorsement if made out to Ways to Work

  • If the check is sent to the client directly, and made out to Ways to Work, instruct them mail it to the national office for VP endorsement


When the vehicle is a total loss

When the Vehicle is a Total Loss

  • The insurance company will cut the claim check in the amount of the estimated total loss

  • The check will be made to Pay to the Order of: Ways to Work

  • If there is a loan balance over $200 after the insurance proceeds post, the agency must pay the balance within 14 days of the funds posting

  • The agency will then seek the remaining balance from the client

  • This procedure will ensure that the client is not assessed doragatory marks on their credit history


Lien procedures

Lien Procedures

  • The closing process is your 1st line of defense in maintaining correct lienholder records for all clients

  • Ensure that your agency is listed as 2nd lienholder on all vehicles at the time of closing


Loan payoff lien release process

Loan Payoff- Lien Release Process

  • Obtain a ten-day payoff for your client via GreenLight

  • Advise to mail all payoffs to:

    Ways to Work

    Attn: Loan Servicing

    PO Box 5920

    Madison, WI 53705

  • The lien release and title disbursement will take place 10 business days from the day the payoff funds are posted


Agency buyback lien process

Agency Buyback- Lien Process

  • Obtain a ten-day payoff for the loan balance via GreenLight

  • Mail allbuyback funds to:

    Ways to Work

    Attn: Carolyn Jelinski

    11700 W. Lake Park Dr.

    Milwaukee, WI 53224

  • The lien release and title disbursement will be overnighted next day to the agency from the day the payoff funds are posted via UPS

  • Depending on how your state files titles, you may not receive a physical title

Win/Win Situation


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

Which Road Will You Take to Institute Success?

Important Dates to Remember:

Hotel Cutoff -August 18

Registration Cutoff – September 11


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

Which Road Will You Take to Institute Success?

The Winning Formula:

Loan Volume Quantity + Portfolio Quality = Grant Awards


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

Which Road Will You Take to Institute Success?


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

The Leaderboard:

Chicago LCFS – 109

Lynchburg – 106

Winston-Salem – 55

Chicago Salv. Army – 50

Richmond – 46

San Antonio – 43

Portland - 41


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

Be careful what you ask for, because here it comes

This year’s Institute will include:

Panel Presentations

More small group discussion opportunities

Functional Discussions on technology, the WtW Remodeling Efforts, and Fundraising

Practical solutions and tools that can be immediately implemented

Yadda, Yadda, alottaPallotta – Dan that is!


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

This year’s Institute will include homework:

View the Dan Pallotta TED TALK

Develop quality elevator speeches

Preparation for Improving your WtW Grade


The road to success wednesday july 31 2013 operations tune up part ii bankruptcy modifications

Ready, Set, Go!!!!

Get on the road to success


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