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Loan Modifications › Borrowers › Coronavirus/COVID-19

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
Orrick, Herrington & Sutcliffe LLP

CFPB rescinds COVID-related protections under RESPA Regulation X

Orrick, Herrington & Sutcliffe LLP on

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

Butler Snow LLP

FFIEC Issues New Guidance on Loan Accommodations Related to COVID-19

Butler Snow LLP on

At the onset of the pandemic, many financial institutions offered credit accommodations, such as short-term deferrals and other loan modifications, to borrowers in response to the significant adverse impact caused by...more

King & Spalding

Commercial Mortgage Loan Repurchase Agreements: COVID-19 Related Issues, Temporary Agreements and What May Come Next

King & Spalding on

The abrupt halt in commercial activity caused by the 2019 Novel Coronavirus (“COVID-19”) has had a significant impact on the global economy, and in particular, the commercial real estate market. As a result, the commercial...more

Ballard Spahr LLP

FFIEC Issues Joint Statement on Additional Loan Accommodations Related to COVID-19

Ballard Spahr LLP on

On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when...more

Akerman LLP

Regulatory Guidance for Banks, Lenders, and Licensed Mortgage Originators Regarding Coronavirus (UPDATED)

Akerman LLP on

(New information added on April 17, 2020) - As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Revisiting Pre-Negotiation Agreements in the Era of Covid-19

Cadwalader, Wickersham & Taft LLP on

While the ramifications of the Covid-19 pandemic for real estate lenders and borrowers will unfold over time, at this point we know that lenders and borrowers will be communicating frequently and extensively regarding...more

Burr & Forman

Financial Regulators Update Previous Statement on Loan Modifications and Reporting Pursuant to CARES Act

Burr & Forman on

On April 7, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer...more

Maynard Nexsen

Need a Loan Modification? ASK! - Guidance on the CARES Act and Banking

Maynard Nexsen on

The Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” along with recent guidance from bank regulators have increased the flexibility banks can offer to borrowers and created new opportunities for lending....more

McGlinchey Stafford

Top 11 Tips for Lenders Navigating Commercial Loan Modifications in Response to the COVID-19 Outbreak

McGlinchey Stafford on

Managing Borrower Expectations - In the immediate term, most Lenders are considering modifications that offer (usually on request only and subject to normal underwriting and credit review) a 60–90 day deferral of payments...more

Seyfarth Shaw LLP

Loan Document Covenant Concerns and Operational Issues in the Age of COVID-19

Seyfarth Shaw LLP on

As the nation engages in social distancing and takes other steps to attempt to slow the spread of COVID-19, players in the commercial real estate space are considering what impacts the virus will have on their business and...more

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