Loan Extensions, Deferrals and Modifications
in the Shadow of COVID-19
A NorthLegal Webinar presented April 16, 2020
Duration: 2:00 hours:minutes (Est.)
| Cost | How to Attend | How to Obtain Handouts |  |
With the economic hardship from the COVID-19 pandemic spreading across the country, the nation's financial institutions are dealing with an unprecedented number of requests that borrowers be allowed to skip or defer one or more payments. Many lenders have so many inquiries coming in they don't have time to give each the careful attention they ordinarily would; they have to process each quickly and move on. There is pressure to act fast and with a minimum of paperwork.
But will some of those extension, deferral or modification agreements come back to burn the financial institutions who gave them?
Difficult times or not, it is still important for financial institutions to act carefully and in compliance with applicable laws. It's fine to take acceptable risks, but it should be done with an understanding of the risks involved.
During this program, participants will learn:
| • | When you must and when you needn't have written documentation of an extension, deferral or modification agreement, and whether any documentation must be signed by one or all borrowers |
| • | How the recent federal CARES Act and interagency regulatory guidance affect extensions, deferrals and modifications |
| • | When the "troubled debt restructuring" (TDR) rules have been relaxed during this crisis—and when they still apply |
| • | Whether and when Regulation Z requires disclosures for HELOC, other open end, and closed end loans |
| • | How bankruptcy (pending or discharged) makes a difference in what a financial institution may do |
| • | Issues to consider when developing your program |
| • | Mistakes some financial institutions are making in an effort to better serve their customers that may hurt them later on |
| • | Practical steps to streamline the process |
Learn how to balance "best practices" and "best practices under the circumstances!"
NOTE: This program is intended only for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
Cost/Registration
The fee to attend this archived program is $190.00 if paid by credit card or $200.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 180 days. (NOTE: If your financial institution registered for the live program, you already have free access to the archvied version for six months! Contact NorthLegal for information.)
How to Attend a Prerecorded Webinar | How to Obtain Handouts
To attend this NorthLegal Webinar, please do the following:
| • | Register. To register online using a credit card, visit the "Enroll Now" link shown in the box at the top of this page. To register by mail, call NorthLegal at 623.537.7150. |
| • | Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program. |
| • | Download the handout materials by clicking here. |
| • | Call NorthLegal to obtain the password to open the handout materials. |
Speaker: Eric North
Eric North, the primary speaker at the programs listed on this site, has represented the interests of credit unions and other financial institutions as an attorney with respect to compliance, litigation, governance, bankruptcy and collections matters since 1984. Eric has appeared in state and federal courts throughout the State of California, and has argued before the Ninth Circuit Court of Appeal.Eric is also a nationally recognized speaker on legal issues relating to consumer lending institutions, and has presented hundreds of programs on behalf of national, state and local leagues and associations from around the country.
Live program scheduling conflict?
No problem! Registration for a NorthLegal webinar automatically entitles you to watch it live AND to watch the archived version as many times as you like for 180 days!
If you or your staff can't make the live program, you still have plenty of time to watch when it is more convenient for you!