They must be preceded by receipt of the proper documentation. Receives request for cancellation form on back of statement. Forwards to collection officer to review for cancellations, death, disability and bankruptcy.
Collection officer determines if cancellation request is eligible.
If rejected, notifies borrower, and files in borrower folder. If approved, determines if borrower is entitled to receive benefit. Determines if borrower has a qualifying loan type. Processes the cancellation transaction on the computer. Processes any necessary cancellation adjustments.