Many COVID-19 Forbearance Initial Accommodations are Nearing their End — Are you Ready?
An August 3, 2020, interagency advisory issued guidelines for prudent risk management and consumer protection principals when managing additional accommodations for COVID-19 forbearance loans nearing the end of their initial loan accommodation periods.(1) In order to effectively administer these guidelines, most regulated institutions will need to have in place extensive information technology capabilities as well as forbearance mortgage analytics previously unavailable to many lenders. Do you have the forbearance information technology and mortgage analytics in place to assess additional loan accommodations while meeting prudent risk and consumer protection principals? How do you know your current process accurately assesses exposure? The answer to both of these questions is FHN Financial Capital Assets Corp.’s (“Capital Assets’”) complimentary Forbearance Risk Assessment (“FRA”), tailor-made to assist your institution in meeting these interagency advisory guidelines.