FIPCO Helps Banks Serve Their Customers, Communities

As efforts to slow the spread of the coronavirus force businesses across the world to shift to remote work, the highly regulated banking industry must grapple with unique challenges. Sending and signing confidential documents securely, adjusting loan agreements, processing loans with a distributed workforce...

WBA and its wholly-owned subsidiary FIPCO are here to help. See the list of solutions below, discounted or complimentary through May 31, to assist banks during these unprecedented times.

Available to all WBA members:

Deferral Agreement Forms — The tried and trusted WBA form set includes three deferral agreements available to all WBA member institutions through FIPCO. The federal banking regulators have issued guidance encouraging banks to work with customers and clients affected by the COVID-19 pandemic and efforts to slow its spread. The deferral agreements are available for consumer, commercial, and agricultural business loan transactions and can be purchased in hardcopy or as fillable PDFs. The forms were created for use with existing loan agreements between the lender and the customer for deferral of loan payments under an existing loan arrangement. The form provides that one or more installments can be deferred for the number of months agreed to by the lender and noted in the Payment Deferral Agreement. The maturity date would be extended by the number of months that payments were deferred.

The available agreements are:

  • (TL) 4S Simple Interest Deferral Agreement
  • (TL) 4 Deferral Agreement
  • (TL) 4B Payment Deferral Agreement
  • (TL) 4B 4G Reaffirmation of Guaranty (to be used with WBA TL4B) NEW!

Note: With regard to a Wisconsin Consumer Act (WCA) covered loan, users cannot charge a deferral fee on a simple interest WCA loan (see applicable DFI letter of when a deferral fee may be charged).

To access the deferral agreement forms:

  • Compliance Concierge customers have them available in the software as part of the maintenance agreement. For assistance, please contact Software Support at 800-722-3498 or via email.
  • WBA member banks may license the PDFs through FIPCO. Contact fipcoforms@fipco.com for pricing and license agreements.

Loan Processing Central Services — FIPCO’s Loan Processing Services may be the answer to assist you with the influx of loan requests and/or staffing changes or shortages. From March 19, 2020 through May 30, 2020 FIPCO is offering our Loan Processing solution to Compliance Concierge Loan and Mortgage and we are waiving the upfront annual fee during this time frame. All you would be responsible for are the processing fees based on loan types.

If you are happy with our LPC services and would like to continue using this service past May 30, 2020, FIPCO will offer a one-time savings of 50% on the upfront annual fee. If you no longer wish to use this service, simply say so.

FastApp — If you are looking for an online presence, FIPCO’s FastApp Online may be the answer! From March 19, 2020 through May 30, 2020 FIPCO is offering our FastApp Online solution AND our interface to Compliance Concierge at no charge. The only cost to you would be the $20 per app fee during this time frame and FIPCO would invoice you monthly.

If you are happy with this solution and would like to continue past May 30, 2020, FIPCO will offer a savings of 50% on the License Fee and Installation Fee. If you no longer wish to use this FastApp Online, simply say so.

For FIPCO’s Compliance Concierge customers:

eSignature powered by DocuSign — eSignature powered by DocuSign may be the answer to assist you based on the reduction in interest rates and the influx of loan requests. From March 19, 2020 through May 30, 2020 FIPCO is offering our eSignature powered by DocuSign solution to Compliance Concierge at no charge.

If you are happy with this solution and would like to continue past May 30, 2020, FIPCO will offer a savings of 50% on the upfront License Fee. If you no longer wish to use eSignature powered by DocuSign, simply say so.

Modification AgreementsCompliance Concierge customers have access to four different modification agreements for use when working with their clients:

  • 463F Mortgage Note Modification Agreement (Fixed Rate)
  • 463VAR Mortgage Note Modification Agreement (Variable Rate)
  • 464F Modification Agreement (Fixed Rate) (Commercial/Ag)
  • 464VAR Modification Agreement (Variable Rate) (Commercial/Ag)

FIPCO customers interested in accessing these forms should contact Software Support at 800-722-3498 or via email for detailed instructions.

If your bank is interested in any of these solutions, please contact sales@fipco.com for more information about implementation.

Visit www.fipco.com/alert/remotework for more information.

Don’t forget to visit WBA’s Coronavirus Resource Center at www.wisbank.com/coronavirus for updated information and resources related to the COVID-19 pandemic.