collection > define

noun

• Several things grouped together or considered as a whole.
  • synonyms: aggregation, accumulation, assemblage
• A publication containing a variety of works.
  • synonyms: compendium
• Request for a sum of money.
  • usage: "an appeal to raise money for starving children"
  • synonyms: solicitation, appeal, ingathering
• The act of gathering something together.
  • synonyms: collecting, assembling, aggregation

• (n.) That which is obtained in payment of demands.
• (n.) The jurisdiction of a collector of excise.
• (n.) The act or process of collecting or of gathering; as, the collection of specimens.
• (n.) A gathering or assemblage of objects or of persons.
• (n.) A gathering of money for charitable or other purposes, as by passing a contribution box for freewill offerings.
• (n.) That which is collected.
• (n.) An accumulation of any substance.
• (n.) The act of inferring or concluding from premises or observed facts; also, that which is inferred.

When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.