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
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