News Topic: loan modifications

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The legislation would let banks postpone the start date of the Current Expected Credit Losses accounting standard and delay categorizing pandemic-related loan modifications as troubled debt restructurings. ... Read full article

Some lenders are poring over commercial portfolios more frequently than normal — perhaps as often as once a month — to uncover problems hidden by payment deferrals and government stimulus before it's too late. ... Read full article

Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected ... Read full article

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them. ... Read full article

More consumer and commercial borrowers are paying their loans, increasing the likelihood that charge-offs will be manageable for banks despite the ongoing pandemic. ... Read full article

Deferrals on residential mortgages and home-equity loans have been a common theme at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup since the start of the coronavirus pandemic. ... Read full article

Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold ... Read full article

Borrower relief is necessary in a national emergency, but if the exclusion of the deferred loans from troubled debt restructurings is extended past the end of the year, safety and soundness could be compromised. ... Read full article

With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them. ... Read full article

Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses. ... Read full article

The lenders are bracing for spikes in delinquencies or defaults on loans to a sector heavily punished by social distancing measures. ... Read full article

More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic. ... Read full article

Stress and exhaustion are catching up to lenders and call center employees helping customers grapple with the coronavirus pandemic. ... Read full article

In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight. ... Read full article

Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams. ... Read full article

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic. Bank of America said it would waive ... Read full article

BofA, JPMorgan said they are paying bonuses to branch and call center employees; the bank says removing the $1.9 trillion limit on growth will help it lend to more customers in need. ... Read full article