Loan Extensions, Deferrals and Modifications in the Shadow of COVID-19

Live Webinar

April 16, 2020

10:00 PDT | 11:00 MDT

12:00 CDT | 1:00 EDT

With the economic hardship from the COVID-19 pandemic spreading across the country, the nation’s financial institutions are dealing with an unprecedented number of requests that borrowers be allowed to skip or defer one or more payments. Many lenders have so many inquiries coming in they don’t have time to give each the careful attention they ordinarily would; they have to process each quickly and move on. There is pressure to act fast and with a minimum of paperwork.

But will some of those extension, deferral or modification agreements come back to burn the financial institutions who gave them?

Difficult times or not, it is still important for financial institutions to act carefully and in compliance with applicable laws. It’s fine to take acceptable risks, but it should be done with an understanding of the risks involved.

During this program, participants will learn:

• When you must and when you needn’t have written documentation of an extension, deferral or modification agreement, and whether any documentation must be signed by one or all borrowers
• How the recent federal CARES Act and interagency regulatory guidance affect extensions, deferrals and modifications
• When the “troubled debt restructuring” (TDR) rules have been relaxed during this crisis—and when they still apply
• Whether and when Regulation Z requires disclosures for HELOC, other open end, and closed end loans
• How bankruptcy (pending or discharged) makes a difference in what a financial institution may do
• Issues to consider when developing your program
• Mistakes some financial institutions are making in an effort to better serve their customers that may hurt them later on
• Practical steps to streamline the process

Learn how to balance “best practices” and “best practices under the circumstances!”

Social Distancing? Register for the live program and get unlimited access–from anywhere (including home), for all employees–to the archived version for six months!

For more information, call NorthLegal at 623.537.7150.

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