Loan Modification, Loan Workout, and Loan Enforcement in the COVID-19 Era
Despite the massive losses they have sustained, many businesses are not able to obtain relief from government stimulus programs. Banking regulators have encouraged financial institutions to assist borrowers. You will need to provide loan modifications and workout programs without adversely affecting your institution’s financial health.
All team members involved with credit risk management need to work together to communicate effectively. They should develop coordinated action plans to help impacted borrowers. These plans must meet the regulatory examination and external audit requirements without creating an inappropriate level of risk.
- What are the regulatory requirements for loan modifications?
- How can you identify borrowers who need significant assistance?
- When are workout plans warranted?
- When do workout plans rise to the level of troubled debt restructuring?
- How should you communicate borrower assistance measures to senior management and the board for approval?
- What are the best methods for documenting and tracking decisions?
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