Webinar: When a Borrower Dies: Actions to Take, Mistakes to Avoid
November 20, 2024 3:00 pm - 4:30 pm
Now what? A borrower passed away, but still owes money to your institution.
What are the chances of collecting? How do you go about it – compliantly? Is setoff an option? What about relatives or joint accounts? Don’t miss this jampacked webinar with the answers to all your questions.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand what steps to take when a probate estate is opened and what to do when a probate estate is never opened
- Determine when relatives of the deceased or other parties can be held liable for repayment of the loan
- Distinguish the situations when the death of a co-borrower can constitute a default under the loan
- Properly exercise your institution’s rights of setoff in the deceased’s deposit accounts
- Explain the special rules for home mortgage loans when a borrower dies
WEBINAR DETAILS
It’s bound to happen. One of your borrowers dies still owing on a loan or other obligation. In this situation, you must act swiftly to increase the chances of collecting on the loan and to avoid liability. What should you do? This webinar will explain the proper procedures and processes your institution should follow when a borrower dies owing on a loan or other obligation to your institution, including the special procedures under the mortgage servicing rules regarding home loans.
WHO SHOULD ATTEND?
This informative session will be useful to all loan officers, loan operations personnel, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.
TAKE-AWAY TOOLKIT
- Sample procedures for handling and collecting loans of deceased borrowers
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.