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CLFP EXAM (COLLECTIONS) with Questions & Answers Graded ACLFP EXAM (COLLECTIONS) with Questions & Answers Graded A
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CLFP EXAM (COLLECTIONS) withQuestions & Answers Graded A
What are examples of prohibited collection activity? - ✔✔1.) violence or criminal means to
harm lessee, property, or reputation
2.) use of obscene or profane language
3.) false or misleading statements
What are some commons business challenges that cause delinquency? - ✔✔1.) business seasonality
2.) natural disasters
3.) economic conditions
What are some ways to measure collection portfolio performance? - ✔✔1.) static pool -
measures origination and delinquency
2.) roll rates - measures the roll of delinquency - increasing or decreasing
3.) Annualized charge offs
What are the secondary responsibilities of collection? - ✔✔1.) interfacing with
attorney 2.) repossession
3.) re marketing assets
4.) bankruptcy interaction
What are consideration when interfacing with attorneys? - ✔✔1.) Should have proper policy
to escalate an account to legal
2.) collector are responsible for identifying which relationships need legal action
, 3.) should work with attorney hat knows leasing law;
When does repossession make sense? - ✔✔1.) Other means have been
exhausted; 2.) Lessee request
3.) Judgement is awarded
4.) Allowed under term of BK filing
5.) End of lease and option is not excercised
Considerations prior to repossession? - ✔✔1.) confirm security interest
2.) "Fixtures" may exempt from repo of proper fixture filing were not initially completed
What are some cost consideration of repo? - ✔✔1.) determine FMV of asset vs cost to
repo 2.) consider sale to property owner (if not lessee)
What should be done when an asset is repossessed? - ✔✔1.) "notice of repossession" or "right
of recision" must be mailed to lessee and guarantors.
2.) provides lessee 10 days to redeem by full repayment of debt
What are collectors requirement of re marketing repossessed equipment? - ✔✔1.) Per article 9
UCC, must conduct a "commercially reasonable sale" of repo asset
2.) Failure may result in ability to pursue delinquency balance from lessee
What must be recorded when remarketing assets? - ✔✔1.) condition of leased asset at
sale 2.) Medium of sale
3.) Any advertisement
4.) buyer information
What governs bankruptcy? - ✔✔1.) mandated by US constitution
2.) National Bankruptcy Act 1898 to 1938
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