About This Course:
"Right of Setoff" is used frequently in the banking industry when trying to collect on past-due debts owed by customers. Unfortunately, many bankers don't understand the legal requirements and procedures necessary to use this process. The risks of using the process incorrectly can be costly to your financial institution. On the other hand, successfully using the right of setoff can protect your financial institution from significant financial losses.
Do you know when the right of setoff is allowed and when it isn't? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly? If you don't know the answers to these questions, make sure to attend this valuable webinar.
What You'll Learn:- What are the legal requirements to create a "right of setoff?"
- What is the difference between a contractual right of setoff and a statutory right of setoff?
- What are the differences between setoff, garnishment, and foreclosure of security interest, and why are these terms frequently misused?
- What happens when a third party is competing with your financial institution's right of setoff?
- How does the automatic stay in bankruptcy affect the right of setoff?
- When is the right of setoff absolutely prohibited?
- How to handle notice to the customer?
- What is sample contractual language that can help your financial institution exercise its setoff rights?
- What are the liabilities that can be incurred when setoff is done incorrectly?
Who Should Attend:All loan and deposit personnel, bank counsel and compliance officers.
Top FAQs
The process for earning a "certification" involves taking advanced education, then passing an exam.
While Mortgage Loan Officers must be licensed, most states do not require loan processors to be licensed. That said, be sure to check your state's requirements.
Mortgage certification programs offer mortgage professionals a chance to acquire essential skills, enhance their professional standing, and earn more.
A mortgage processor is responsible for assembling, administering, and processing loan application paperwork before it gets approved.
A mortgage processor collects and reviews income, expenses, etc. If the information is favorable, the loan application is forwarded for loan underwriting. Essentially, the process determines the lender's ability to repay the loan.
Depending on where you live, loan processors can expect to earn $50,000 or more.
