Loan Modifications: What Are the Compliance Issues?
The last year-plus has been a challenging environment to be sure. Almost every lender has had distressed borrowers that need help. What type of help should you provide? And when you make that decision, what compliance implications are involved? Making changes to existing loans is a challenging endeavor. Lenders are facing unprecedented requests to make changes to loans of all types — mortgages, credit cards, consumer loans, small business loans, and so forth. What are the critical compliance implications when dealing with these requests? What types of disclosures must be provided, if any? Must new appraisals be obtained (and how do we do that if appraisers can’t do on-site work?) Must rescission rights be provided?
This webinar will deal with the ins and outs of making changes to loans of all types. We’ll discuss the compliance and legal requirements, operational challenges, and impacts to borrowers, guarantors, and other parties to the loan. We’ll also deal with the threshold question: should the lender grant the borrower’s request in the first place (and if so, what accommodations or changes should be made)?
- Disclosure requirements, if any – it depends on how the changes are made
- Appraisal requirements
- Flood insurance – what to do here?
- Tax implications
- Defaults – what special requirements are in place here?
- Troubled Debt Restructuring (TDR) issues
- Fair lending implications – disparate treatment and impact
- Handling borrower requests and complaints
- Dealing with government-backed loans (FHA, VA, Fannie/Freddie, etc.) – new pronouncements
- HMDA and CRA reporting
- Consumer, mortgage, and commercial loan issues
- BSA issues, including beneficial owner requirements
- E-SIGN and Remote Online Notarization (RON) possibilities
Who Should Attend
This webinar is intended to anyone involved in the lending process, including loan officers, processors, closing agents, servicing professionals, compliance officers, auditors, customer service representatives, and senior management, among others.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279
- 12 Months OnDemand Playback + $110
- 12 Months OnDemand Playback + CD + $140
- Additional Live Access + $75 per person