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Preview: Lorman Collections Teleconferences

Lorman Collections Teleconferences



Industry Leading & Respected Continuing Education



Last Build Date: Wed, 22 Nov 2017 12:30:01 GMT

 



9 Steps to Understanding Chapter 13 Procedures

Wed, 22 Nov 2017 02:00:44 America/Chicago

January 23, 2018

Formulating a Confirmable Plan



Cram Down



The Means Test



Feasibility of the Plan



Length of the Plan



Confirmation of the Plan



Chapter 13 Discharge



Chapter 13 Case Study



Ethical Considerations






Collection Law Update in Iowa

Wed, 22 Nov 2017 02:00:53 America/Chicago

January 12, 2018

Iowa Declines to Allow a Foreclosing Bank to Recover Under the Implied Warranty of Workmanlike Construction

• No Court Outside of Iowa Has Extended the Implied Warranty of Workmanlike Construction to Allow Warranty Claims by Foreclosing Lenders

• Courts Reason That Sophisticated Financial Institutions Do Not Have the Disparity of Bargaining Power and Expertise That Triggered the Need for Such a Remedy for Homeowners and Consumers

• However, a Strongly Worded Dissent Argues That Bank's Alleged Sophistication Is a "Wholly Inadequate" Justification for Denying a Remedy for "Shoddy" Construction



Judgment Creditors Have Two Years to Rescind a Foreclosure Decree

• This Issue Focuses on the Statutory Interpretation of When the "Mortgagee's Rights Become Unenforceable by Operation of Statute of Limitations"

• The One Year Rule for Vacating or Modifying Judgments Did Not Apply

• Rather, an Iowa Code Section Controlled Which Provides That Entered Judgments Are Void and Executions Shall Not Be Issued After Two Years From Judgment Entry



Remember That Payment Is a Defense That the Debtor Typically Must Prove

• Under Common Law, Possession of a Note Raises a Rebuttable Presumption That the Note Was Not Paid

• The Defense of Payment by the Borrower Is an Affirmative Defense

• If the Creditor Possesses the Note, the Court Errs If the Creditor Is Required to Carry the Burden of Proving Nonpayment






Collection Negotiation Best Practices

Wed, 22 Nov 2017 02:00:13 America/Chicago

December 13, 2017

Commercial Collections

• Collecting Internally

– Credit and Collections Policies

– Timing Your Efforts

• Outside Collections

– When to Place

– Collection Agency vs. Attorney

• Managing Your Customer Base

– Being Aggressive Without Losing Future Business

– How to Know When to Cut Bait



Consumer Collections

• FDCPA and State Regulations

– Know the Risks

– Stay Aggressive

• The Importance of Training

– Create a Script/Handbook

– Monitoring and Compliance

• Utilize Outside Collections

– Agencies vs. Lawyers

– Alternative Fee Structures



Unusual Circumstances

• Collateral

– When to Seize and When to Wait

– Doubling Down

• Other Security

– Judgments

– Promissory Notes

– And More






Collections Etiquette: How Far Should You Go?

Wed, 22 Nov 2017 02:01:03 America/Chicago

January 16, 2018

Overview



The Determinants of Collection Etiquette

• Law

• Ethics

• Market Position

• Accounts Receivable Strategy

• Customer Base

• Nature of Product/Service Offered



Developing Your Collection Etiquette

• Approach

• Customer Analysis

• Execution



Benefits of a Well-Conceived Collection Etiquette






Consumer Protection Statutes and Pre-Judgment Collections

Wed, 22 Nov 2017 02:00:55 America/Chicago

November 28, 2017

Introduction

• Purpose of Seminar

• Pertinent Statutes

– Fair Debt Collection Practices Act (FDCPA)

– Telephone Consumer Protection Act (TCPA)

• Types of Debts/Accounts at Issue



FDCPA

• To Whom FDCPA Applies

– 'Debt Collector' vs. 'Creditor'

• Prohibited Acts

– 'Least Sophisticated Consumer' Standard

– Harassment or Abuse

– False or Misleading Representations/Unfair Practices

• Collection of 'Time Barred' Debt

• Other Required Actions or Restrictions on Collections Actions

– Contacts With Third Parties

– Initial Contact With Debtor

– Restrictions on Communications With Debtor

• Potential Liability



TCPA

• To Whom TCPA Applies

– 'Autodialed' Calls – What Does This Mean?

– ACA International Appeal

• Consent and Revocation

– What Constitutes Consent to Be Called?

– What Constitutes Revocation of Consent to Be Called?

• Potential Liability



Best Practices and Recommendations

• Points for Avoiding FDCPA Liability

• Points for Avoiding TCPA Liability



Potential Changes on the Horizon to Consumer Protection Statutes and Regulations

• Political Climate and Impact on Consumer Protection Issues






Reading Financial Statements: A Creditor's Perspective

Wed, 22 Nov 2017 02:00:27 America/Chicago

December 19, 2017

The Four Financial Statements

• Income Statement

• Statement of Retained Earnings

• Balance Sheet

• Statement of Cash Flows



Types or Quality of Financial Statements

• Company-Prepared

• Compiled

• Reviewed

• Audited



Notes to the Financial Statements



A Five-Step Financial Statement Analysis Model Covering

• Liquidity

• Activity

• Leverage

• Operating Performance

• Cash Flow



The Z-Score and Sustainable Growth Models






Skip Tracing and Locating Assets Techniques

Wed, 22 Nov 2017 02:00:59 America/Chicago

December 8, 2017

Understanding State and Federal Law/Regulations Associated With Skip Tracing and Asset Searches

• Gramm-Leach-Bliley Act

• Fair Debt Collection Practices Act

• Be Aware of the Laws in Your State



Skip Trace/Asset Search Tools Available

• Free Tools

• Proprietary Databases

• Is It Worth Your Time?

• What to Ask When Hiring a Professional



Locating a Person or Company

• Start From Your Most Recent Confirmed Information and Work Forward

• Sources for Both Individuals or Companies:

– Property Records

– Vehicle Registrations

– Court Dockets

– Social Media

– Internet

– Reverse Website Addresses ("Who Is" Search)

• Locating a Company:

– Secretaries of State

– Verifications With State or Federal Licensing Agencies

– Officers and Agents

• Locating a Person:

– Who Else Can Support Your Skip (Parents, Spouses, etc.)

– Cell Phone Numbers and Email Addresses



Locating Assets

• Determine Liabilities Before Searching Assets

– Bankruptcy Filings

– Open Litigation/Judgment

– State/Federal Tax Liens

– Other Liens

– UCC Filings

• Locating Hard Assets

– Real Property

– Vehicles

• Liquid Assets

– Bank Accounts

– Employment

– Company Ownership / Membership

– Receivables

– Stocks and Other Investments

• Understand the Time and Cost to Seize the Asset

• Fraudulent Transfer of Assets

– What to Look for

– Badges of Fraud

• Creative Ways to Locate Assets



Know When to Stop Looking

• Create the Full Picture of Your Subject

• Evaluate Your Time and Expenses vs. Collection Potential






What to Expect From the CFPB

Wed, 22 Nov 2017 02:00:42 America/Chicago

January 30, 2018

If History Repeats Itself

• Recent Rulemaking Trends

• Recent Enforcement Trends

• Recent Supervision Trends



Why History Won't Repeat Itself

• The New Director: Personal and Professional Biography

• The New Director: Policy Positions and Statements

• The New Director: Staffing Decisions



What's Next?

• Expected Congressional Action: Will the Republican Congress Kill the CFPB?

• Expected Rulemaking: Repeal and Replace?

• Expected Enforcement Trends: Substantial Harm and Federalism?

• Expected Supervision Trends: Our Regulator and Friend?