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SKIP Training - MODULE 1
Industry Terms and Definitions
AFFIDAVIT – A written statement given voluntarily under oath before a notary public to administrator oaths.
AGENT/ADJUSTER – Repo truck driver, person who runs the locate info found on a maker/co-maker; a skip tracer is the agent of the client.
BILLING – Successful completion of a file resulting in a repossession or a locate.
Repo Billing - These are billings that we bill based off of our agent securing the unit.
Locate Billing - These are billings that we bill based off of our locating the maker or the collateral, not a repossession.
Bankruptcy – Bankruptcy laws are intended to allow debtors a way out of particularly heavy debts, giving consumers and businesses a fresh start where all other options have failed.
CHARGE OFF – The client has changed the loan status due to failure to pay. As a result the loan must be paid off in full to cover the debt.
CLIENT – The person, company or agency that has hired you to do their work.
CONDITION REPORT – A written assessment of the condition of the collateral. This report comes from the Repossession Agent.
CO-MAKER/CO-BORROWER - Known as second owner of property financed.
CONTINGENT – A repo company that will work an assignment on the basis that they will not be paid until the property has been secured; also called NO CLOSE FEE AGENTS.
CUSTOM – The client has not sent the account to charge off due to days past due and debtor must bring current. THESE ARE TIME SENSITIVE ACCOUNTS.
DEBTOR – This is an industry term for the person(s) we are trying to locate. This person can also be called a maker. ***JPA only uses the term Maker, Customer or Member***
DEFAULT – Failure to pay on a secured/unsecured contractual property.
FRAUD – Deception done intentionally by one person to cause some type of financial harm to another.
FREEDOM OF INFORMATION ACT (F.O.I.A.) – Congressional ACT placed as a law that permits you to see and copy any info held within a government or private agency, city, country, state or federal pertaining to an individual.
FAIR DEBT COLLECTIONS PRACTICE ACT (F.D.C.P.A.) – Congressional ACT commissioned by the federal trade commission that gives guidelines for the consumer, creditor and debt collector for collection on a debt.
GIVEN – This is the location of maker given to you by the client.
HOLD HARMLESS – A written document that protects you, your company and/or its agents against liability or financial loss.
INFORMANT – A person that gives you information to expedite your recovery or location of your debtor/co-maker.
INSURANCE ACCOUNTS – Accounts that are filed with collateral protection and or vehicle single interest insurance companies, where the insurance company pays off the bank/credit union loan if we do not locate and or recover.
LIEN LOSS – This is when the lending institution is no longer the lien holder of the collateral.
LOCATE – Finding a debtor/co-maker through skip tracing.
MAKER – This is what we call the person(s) we are trying to locate. This person can also be called a debtor. JPA does not use the term debtor.
NON-CONTINGENT – A repo company that will work an assignment on the basis that they will be paid whether they secure the property or not, also called CLOSE FEE AGENTS.
OUT FOR REPO – Term used to say property has been located and agent has been assigned to secure the property.
PAYOFF – The amount that our client has set as the settlement amount, or balances that is due to satisfy a loan in full.
PRE-CHARGE OFF – Accounts that have not been charged off as of yet, and the maker may still have payment options to bring the account current. THESE ARE TIME SENSITIVE ACCOUNTS.
REFERENCE – These are either persons or businesses the debtor/maker/co-maker gives the client, this information can be found on the credit application, it can also be a separate sheet of paper. This information usually contains names, addresses, and phone numbers.
RESOURCE TOOLS – Online sites for search of most recent addresses, phone numbers, relatives, neighbors and associates of the maker, references, relatives, etc.
SKIP – A person that does not stay in one place for any period of time.
SKIP TRACING – The physical work of finding or recovering, or both an individual or an asset.
STATUS REPORTS – Same as updates.
SURRENDER – The act of “giving up” the location of property for the agent to secure.
Third (3rd) PARTY – The person known to be in possession of the property that is not the debtor/maker/co-maker;
also no disclosure of information to this person regarding the debt or loan. Contact is generally not made.
TALK OFF – A skill/script learned to course the party on the other line to give information, take messages, or build rapport.
UPDATE – Also called status report, used to communicate with the client on your status for their account.
SKIP Training - MODULE 1
THE JPA CLIENT
JPA provides information and locate services to:
Finance Companies and
Collateral Protection Insurance (CPI) providers
WHAT IS CPI (Collateral Protection Insurance)?
The following is from Langley Federal Credit Union, explaining to their members Collateral Protection Insurance.
Many of your insurance file makers will not be aware or understand CPI.
Collateral Protection Insurance may be issued through the credit union's insurance program. This insurance may cost more than insurance you can buy on your own. The coverages afforded by CPI are primarily to protect the credit union's interest. CPI will not satisfy the requirement of any financial responsibility law, nor does it provide liability coverage.
Should you fail to maintain the required insurance throughout the life of the loan, the lender may (but shall not be required to, and without prejudice to its rights if it does not) purchase a policy for its own protection and pass the cost of the policy on to you, the borrower. The lender, may, but is not required to, attempt to contact you prior to purchasing the insurance. The lender may at its option, add the premium to your loan. This may cause an increase to your regular payments.
CPI (Collateral Protection Insurance) TALKOFF
Collateral Protection Insurance may have been added to your loan with ____________________________________ (the credit union's) insurance program. This insurance may cost more than insurance you can buy on your own. The coverages afforded by CPI are primarily to protect the credit union's interest. CPI will not satisfy the requirement of any financial responsibility law, nor does it provide liability coverage.
Your lender has purchased a policy for its own protection and may at its option, add the premium to your loan. This may cause an increase to your regular payments.
SKIP Training - MODULE 1
SKIP Training - Side by Side #1
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