Refinances, Modifications & Renewals
Refinance…Renewal…Modification…Extension. Many banks use these terms interchangeably but from a compliance standpoint they are NOT the same. If your bank calls something a modification when the regulations deem to be a refinance, you are going to have problems. You also have to be aware that the rules for closed-end credit differ from open-end credit. Due to the COVID-19 crisis, a lot of you have likely seen a substantial increase in requests for modifications, extensions, etc.
Click on the video to listen to David explain more.
We did a webinar back in April that addressed the issues surrounding refinances, modifications and renewals. If you want to learn more, be sure to check it out. We also addressed these issues in the April 2020 (closed-end) and May 2020 (open-end) editions of our magazine, Banking on BCC.
Published
2020/06/25
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Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!