2021-03 March – Issues to Consider When Modifying Loans
With many consumers and businesses in distress due to pandemic and related financial stresses, borrowers are in trouble. As a result, your institution is likely inundated with requests for accommodations or other sorts of assistance to keep from defaulting. But compliance doesn’t take a vacation; there are many requirements that must be followed when refinancing or modifying a loan. This discussion will center on those requirements so that you can be certain not to miss anything when changing a loan.
– Why might an existing loan be changed?
– Flood Insurance
– Right of Recission
– Credit Reporting
– HMDA, CRA, and Fair Lending
– “Qualified Mortgage” Changes
– Bank Secrecy Act Reform