What does FPD stand for?

A clear, personable, natural-sounding automated voice offering this personalized information raises borrower awareness and has been shown to reduce first payment default.

Specific topics will include: * Personalized communication strategies that help reduce servicing costs throughout the lending cycle * How to proactively communicate loan workouts, refinancing and loan restructuring with greater personalization * How SunTrust, one of the nation's largest financial holding companies, reduced first payment defaults by 60 percent WHO: Craig Focardi, CMB, senior research director at TowerGroup, focuses his research on mortgage and consumer lending.

One key concession is that Amstar will not repurchase a loan due to a borrower first payment default.

To provide an increased focus on first payment defaults, HLS established an early payment default team placing greater emphasis on front-end delinquencies.

To this end, the servicer created a dedicated early intervention unit to focus on first payment defaults.

For example, a credit card issuer may determine that a first payment default for customers with a mid-range credit score, and a credit limit of $5,000, represents extreme risk.

Evans pointed out that the January 1995 management changes are already showing positive results, evidenced in March and April 1995 by significant reductions in both delinquency rates and first payment default rates compared to earlier periods.