COVID-19 and Documentation When Providing Accommodation To A Borrower: What You Need to Know
Many of your borrowers are likely struggling during the coronavirus pandemic. To determine where to make accommodations, you can analyze payment performance before COVID-19 struck. Pattern recognition will help you differentiate temporary challenges from long-term weakness.
You need to develop new strategies to evaluate the financial data, behaviors, and repayment plans for individual W-2 workers and business owners.
- What do payment histories reveal and foreshadow?
- How should you compare pre-pandemic income to current income?
- What do current debt-to-income ratios show?
- What information should you glean from profit-and-loss statements?
- Why are business and recovery plans necessary?
- What collateral must borrowers have? How should you calculate its value?
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