We provide daily collection activity on accounts by phone contact and collection notices. Loans are serviced, and members will have contact hours to reach us from 8:00 am till 8:00 pm Monday thru Friday and 8:00 am till noon on Saturdays. We develop a plan based on the credit union needs to handle a certain delinquency portfolio, or we can handle the credit union's entire collection portfolio from 1-day delinquent to charge off.
We determine and recommend to the credit union loans that are delinquent and are at risk of default for repossession review. Once approval has been received from credit union management, we will initiate the repossession. Once the vehicle has been recovered, we make sure the vehicle is transported to auction and sold promptly at a price set by the credit union. We can make sure that all necessary notices are sent concerning the repossession and post-sale of the vehicle.
We make professional recommendations to credit unions when we find accounts to be reviewed for legal action. TURNING POINT LOAN SERVICING SOLUTIONS will assist in the completion of the legal documents. Once a judgment has been obtained, TURNING POINT LOAN SERVICING SOLUTIONS will assist the credit union in locating the member's assets for processing liens, garnishments, etc.
We track bankruptcies that come into the credit union. It will review the bankruptcy notices and recommend to the credit union loans that may need to complete bankruptcy filings. HRS will track bankruptcies for discharges or payments not received on Chapter 13 cases. TURNING POINT LOAN SERVICING SOLUTIONS will contact trustees and attorneys to get status on payments that have ceased on Chapter 13 cases and work with the attorneys or trustees to resume payments.
We assist credit unions in reviewing current collection procedures and policies and make recommendations to those policies and procedures to improve efficiency. TURNING POINT LOAN SERVICING SOLUTIONS also provides a standard set of weekly and monthly collection reports that track loan delinquency, bankruptcies, and repossessions. Most credit unions have incorporated the month-end reports into their monthly board reports and packets.
Loan Servicing can work with any credit union and receive the advantages that come along with it. By outsourcing some or all of your delinquent loan portfolio, you will be able to reduce employee expenses by allowing the credit union to reduce staff or refocus staffing in other areas of the credit union.
762 Independence Boulevard, Suite 400B, Virginia Beach, Virginia 23455, United States
Open today | 09:00 am – 05:00 pm |
Turning Point Loan Servicing Solutions, LLC
762 Independence Boulevard, Suite 400B, Virginia Beach, Virginia 23455, United States
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