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Loan Modifications › Borrowers › Financial Institutions

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
Cadwalader, Wickersham & Taft LLP

We Can Work It Out: The Need for Pre-Negotiation Agreements

Cadwalader, Wickersham & Taft LLP on

In light of the current economic climate, real estate lenders and borrowers will certainly be communicating with one another frequently concerning potential loan modifications and accommodations. It is prudent for lenders to...more

Blank Rome LLP

California’s Highest Court Confirms Lenders Owe No Duty to Borrowers to Process, Review, and Respond to Loan Modification...

Blank Rome LLP on

Financial institutions, lenders, and servicers should take note that the California Supreme Court affirmed a Court of Appeal decision confirming there is no duty for a lender to “process, review and respond carefully and...more

Butler Snow LLP

FFIEC Issues New Guidance on Loan Accommodations Related to COVID-19

Butler Snow LLP on

At the onset of the pandemic, many financial institutions offered credit accommodations, such as short-term deferrals and other loan modifications, to borrowers in response to the significant adverse impact caused by...more

Ballard Spahr LLP

FFIEC Issues Joint Statement on Additional Loan Accommodations Related to COVID-19

Ballard Spahr LLP on

On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Revisiting Pre-Negotiation Agreements in the Era of Covid-19

Cadwalader, Wickersham & Taft LLP on

While the ramifications of the Covid-19 pandemic for real estate lenders and borrowers will unfold over time, at this point we know that lenders and borrowers will be communicating frequently and extensively regarding...more

Baker Donelson

New Case Poses Threat to Mortgage Servicers in Bankruptcies

Baker Donelson on

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

Carlton Fields

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

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