Pandemic Relief – Managing Compliance Issues Webinar Recording

$250.00

* Please note that the recording will be immediately delivered to you. The links to the recording will be in a downloadable Microsoft Word document in your confirmation e-mail.  The training manual and PowerPoint slides that correspond with the recording will be automatically delivered upon purchasing via the same confirmation e-mail.

Businesses are being forced to close their doors, resulting in hundreds of thousands unemployed and unable to pay their bills. With the unemployment rate expected to jump from 3.5% to as high as 20%, this could have a devastating impact on individuals and communities.

On March 13 the federal bank regulatory agencies released statements encouraging financial institutions to take prudent steps to assist customers and communities affected by the Coronavirus Disease 2019. The agencies recognize that efforts to work with customers and communities affected by COVID-19 can be consistent with safe and sound banking practices and in the public interest. The agencies further clarified that a financial institution’s prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism. (Emphasis added.) The key word here is Prudence.

While we have not faced a crisis of this magnitude in the U.S. in over 100 years, we have worked through hard times as recently as 2008. The regulators had encouraging words at that time about assisting customers in need. But post-crisis many banks paid a price for taking action, that after-the-fact was determined to be imprudent.

There are many actions that financial institutions can take to alleviate some of the financial concerns or hardships of their customers.

  • Expedite new loans in the form of:
    • Small dollar short term loans;
    • Overdraft lines or overdraft plans;
    • Home equity lines;
    • Cash out mortgage loans;
    • Reverse mortgages.
  • Provide relief on existing loans through:
    • Refinance loans;
    • Implement a skip-a-pay program;
    • Payment forbearance;
    • Waiver of late payments
    • Other loss mitigation options.
  • Institute a temporary ban on foreclosures, repossessions and evictions.

Description

* Please note that the recording will be immediately delivered to you. The links to the recording will be in a downloadable Microsoft Word document in your confirmation e-mail.  The training manual and PowerPoint slides that correspond with the recording will be automatically delivered upon purchasing via the same confirmation e-mail.

WHAT

Businesses are being forced to close their doors, resulting in hundreds of thousands unemployed and unable to pay their bills. With the unemployment rate expected to jump from 3.5% to as high as 20%, this could have a devastating impact on individuals and communities.

On March 13 the federal bank regulatory agencies released statements encouraging financial institutions to take prudent steps to assist customers and communities affected by the Coronavirus Disease 2019. The agencies recognize that efforts to work with customers and communities affected by COVID-19 can be consistent with safe and sound banking practices and in the public interest. The agencies further clarified that a financial institution’s prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism. (Emphasis added.) The key word here is Prudence.

While we have not faced a crisis of this magnitude in the U.S. in over 100 years, we have worked through hard times as recently as 2008. The regulators had encouraging words at that time about assisting customers in need. But post-crisis many banks paid a price for taking action, that after-the-fact was determined to be imprudent.

There are many actions that financial institutions can take to alleviate some of the financial concerns or hardships of their customers.

  • Expedite new loans in the form of:
    • Small dollar short term loans;
    • Overdraft lines or overdraft plans;
    • Home equity lines;
    • Cash out mortgage loans;
    • Reverse mortgages.
  • Provide relief on existing loans through:
    • Refinance loans;
    • Implement a skip-a-pay program;
    • Payment forbearance;
    • Waiver of late payments
    • Other loss mitigation options.
  • Institute a temporary ban on foreclosures, repossessions and evictions.

PURPOSE

  • This 90 minute recording evaluates lending options to assist borrowers and explores the many compliance issues to be considered when launching new options, modifying existing loans, and other actions. While this program primarily focuses on loans, a brief review of actions banks should consider related to deposit accounts.

RECORDING CONTENT

  • Risk Management
    • Involve risk management and legal counsel in product planning
  • Expediting New Lending;
    • Small Dollar, Short Term Loan Products
    • Cash Out Mortgages
  • Modifying Existing Loans;
    • Refinancing – Rates have never been better
    • Skip a Pay
  • Compliance Concerns
    • TIL
      • Right of Rescission
    • Flood
      • MIRE
      • Force Place
    • RESPA
      • Requests for Information
      • Force-Placed Insurance
      • Early Intervention
      • Continuity of Contact
      • Loss Mitigation
    • Fair Lending
      • Equal Treatment in workouts
    • UDAAP
      • Equal Treatment in workouts
    • Protecting Tenants at Foreclosure Act
    • Other
  • Servicing Issues;
    • Delinquencies
    • Workouts and Loss Mitigations Options
  • Collection Concerns
    • Evictions
    • Repossessions
    • Foreclosures
  • Legal Issues
  • State Law issues
  • Other concerns
    • Managing delays such as:
      • Appraisers not available.
      • Title companies/attorneys not available to conduct closings.
      • Third party document preparation companies not able to produce documents in the timeframe required by TRID;
      • Clerks not available to file legal documents – security agreements, mortgages and deeds of trust, and
      • Insurance agents not available.

WHO

This informative recording is designed for loan department management, lenders, compliance officers, auditors, risk managers and anyone else involved in originating, servicing, and collecting loans.

Reviews

There are no reviews yet.

Be the first to review “Pandemic Relief – Managing Compliance Issues Webinar Recording”

Your email address will not be published. Required fields are marked *