|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the WYN 10-K filed Feb 27, 2009. Servicing
and Collection Procedures
Our consumer financing subsidiary is responsible for the
maintenance of contract receivables files and all customer
service, billing and collection activities related to the
domestic loans we extend. Our consumer financing subsidiary also
places loans pledged in our warehouse and term securitization
facilities. As of December 31, 2008, our consumer financing
subsidiary had approximately 400 employees, the majority of
whom work in customer service, account placement and
maintenance, and loan collection functions.
Since April 2005, Wyndham Vacation Resorts and WorldMark by
Wyndham have used a single computerized online data system to
maintain loan records and service the loans. This system permits
access to customer account inquiries and is supported by our
information technology department.
The collection methodologies for both brands are similar and
entail a combination of mailings and telephone calls which are
supported by an automated dialer. As of December 31, 2008,
the loan portfolios of both Wyndham Vacation Resorts and
WorldMark by Wyndham were approximately 94.1% current (i.e., not
more than 30 days past due).
We assess the performance of our loan portfolio by monitoring
certain metrics on a daily, weekly, monthly and annual basis.
These metrics include, but are not limited to, collections
rates, account roll rates, defaults by state residency of the
obligor and bankruptcies. We define defaults as accounts that
are 120 days or more past due plus bankrupt accounts. One
of the means of assessing defaults and portfolio performance is
through the application of static pool methodology that tracks
defaults based on the receivables’ year of origination.
There are various methods of calculating static pool defaults.
Our method of calculating static pool defaults includes
originations for which we
Table of Contents
have a full year of history and provided for an average expected
cumulative gross default rate of 18.8% and 17.9% as of
December 31, 2008 and 2007, respectively.
This excerpt taken from the WYN 10-K filed Feb 29, 2008. Servicing
and Collection Procedures
Our consumer financing subsidiary is responsible for the
maintenance of accounts receivables files and all customer
service, billing and collection activities related to the
domestic loans we extend. Our consumer financing subsidiary also
places loans pledged in our warehouse and term securitization
facilities. As of December 31, 2007, our consumer financing
subsidiary had approximately 500 employees, the majority of
whom work in customer service, account placement and
maintenance, and loan collection functions.
Since April 2005, Wyndham Vacation Resorts and WorldMark by
Wyndham have used a single computerized online data system to
maintain loan records and service the loans. This system permits
access to customer account inquiries and is supported by our
information technology department.
The collection methodologies for both brands are similar and
entail a combination of mailings and telephone calls which are
supported by an automated dialer. As of December 31, 2007,
the loan portfolios of both Wyndham Vacation Resorts and
WorldMark by Wyndham were approximately 95% current (i.e., not
more than 30 days past due).
We assess the performance of our loan portfolio by monitoring
certain metrics on a daily, weekly, monthly and annual basis.
These metrics include, but are not limited to, collections
rates, account roll rates, defaults by state residency of the
obligor and bankruptcies. We define defaults as accounts that
are 120 days or more past due plus bankrupt accounts. One
of the means of assessing defaults and portfolio performance is
through the application of static pool methodology that tracks
defaults based on the receivables’ year of origination.
There are various methods of calculating static pool defaults.
In previous years, we used the method of calculating defaults
that included originations with less than a full year of
history, which provided for an average expected cumulative gross
default rate of 17.0% and 16.5% as of December 31, 2007 and
2006, respectively. During 2007, we modified our method of
calculating static pool defaults that included originations for
which we have a full year of history, which provided for an
average expected cumulative gross default rate of 17.9% and
17.8% as of December 31, 2007 and 2006, respectively.
This excerpt taken from the WYN 10-K filed Mar 7, 2007. Servicing
and Collection Procedures
Our consumer financing subsidiary is responsible for the
maintenance of accounts receivables files and all customer
service, billing and collection activities related to the
domestic loans we extend. Our consumer financing subsidiary also
services loans pledged in our warehouse and term securitization
facilities. As of December 31, 2006, our consumer financing
subsidiary had approximately 474 employees, the majority of
whom were in customer service and maintenance
(approximately 193) and loan collection and special
services (approximately 183).
Since April 2005, Wyndham Vacation Resorts and WorldMark by
Wyndham have used a single computerized online data system to
maintain loan records and service the loans. This system permits
access to customer account inquiries and is supported by our
information technology department.
The collection methodologies for both brands are similar and
entail a combination of mailings and telephone calls which are
supported by an automated dialer. As of December 31, 2006,
the loan portfolios of both Wyndham Vacation Resorts and
WorldMark by Wyndham were approximately 94% current
(i.e., not more than 30 days past due).
We assess the performance of our loan portfolio by monitoring
certain metrics on a daily, weekly, monthly and annual basis.
These metrics include, but are not limited to, collections
rates, account roll rates, defaults by state residency of the
obligor and bankruptcies. We define defaults as accounts that
are 120 days or more past due plus bankrupt accounts. The
average expected cumulative gross default rate is
approximately 16.5%. At December 31, 2006, loans
originated in 2004 and 2005 had aggregate cumulative default
rates of approximately 14.5% and 10.7%, respectively.
This excerpt taken from the WYN 8-K filed Jul 19, 2006. Servicing and Collection Procedures Our consumer financing subsidiary is responsible for the maintenance of accounts receivables files and all customer service, billing and collection activities related to the loans we extend. Our consumer financing subsidiary also services loans pledged in our warehouse and term securitization facilities. As of March 31, 2006, our consumer financing subsidiary had approximately 431 employees, the majority of whom were in customer service and maintenance (approximately 173) and loan collection and special services (approximately 171). Since April 2005, Fairfield and Trendwest have used a single computerized online data system to maintain loan records and service the loans. This system permits access to customer account inquiries and is supported by our management information system department. The collection methodologies for both brands are similar and entail a combination of mailings and telephone calls which are supported by an automated dialer. As of December 31, 2005, the loan portfolios of both Fairfield and Trendwest were approximately 93% current (i.e., not more than 30 days past due). We assess the performance of our loan portfolio by monitoring certain metrics on a daily, weekly, monthly and annual basis. These metrics include, but are not limited to, collections rates, account roll rates, defaults by state residency of the obligor and bankruptcies. We define defaults as accounts that are 120 days or more past due plus bankrupt accounts. The average expected cumulative gross default rate is approximately 16.3%. At March 31, 2006, loans originated in 2003 and 2004 had aggregate cumulative default rates of approximately 14.8% and 11.9%, respectively.
145
Table of Contents | EXCERPTS ON THIS PAGE:
RELATED TOPICS for WYN: |
| |||||||
