From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Vengels, Cindy
Sent: Thursday, March 26, 2020 4:10 PM
To: xxxxxx@simplelists.com
Subject: RE: [EXTERNAL] SilverLake MA-RUG RE: Loan Forbearance and File Maintenance Steps

Cindy Vengels
Senior Vice President, Director of Loan Operations
Univest Financial Corporation
16 Harbor Place | PO Box 197 | Souderton, PA 18964
P 215.703.5238 |F 215.721.2472

xxxxxx@univest.net

 

Financial Solutions for Your Life^®

 

Thank you,

 

Gayle P Hagerman

Loan System Administrator, Penns Woods Bancorp, Inc.
Phone: 570-320-2049 | Fax: 570-567-2065

Address: 300 Market Street, Williamsport, PA 17701 | xxxxxx@pwod.com
Member of the Penns Woods Bancorp Family

 

Ruth E Daniels

Vice President – Credit Administration

The Dime Bank

120 Sunrise Avenue

PO Box 509

Honesdale PA  18431

570 253 6511 X 7713

xxxxxx@thedimebank.com

 

Hi Gayle,

 

I watched the WebEx yesterday as well.  I have the same question on the ‘D’ in the payment history. We have accounts that were set up with ‘CP’ code and the ‘D’ did not default in our CB reporting last month.  I would be interested in hearing how others are updating this for the reporting.

 

Thanks,

Cindy

 

 

 

If you are leaving the due dates on a loan that has a forbearance for 90 days and add a CB Special Comment Code of CP per the Credit Bureau Guidelines, how are you coding the payment history during the 90 days. Guidelines state that it should be coded with a D. Are you manually going to do this prior to the CB file being created and are sure that Silverlake programming won’t overwrite the payment history?

 

Not sure if anyone watch the CDIA webex that they recently had regarding reporting during disasters or not. I’ve attached an email that I received with the hyperlinks to the webex. It’s free and they address the Special Comment Codes and also at the end they answer online questions. They don’t give guidance but there may be some answers regarding our questions on reporting. Or it could create more questions! 😉

 

 

 

I apologize if I missed the responses, but I’m curious as to what everyone is doing with their maintenance.  

 

We will be handling all residential mortgages in the same manner, allowing a forbearance of up to 90 days:

                Leave the Due date as it

                Stop Late Charges

                Stop Past Due

Add a review date

                Report Credit Bureau with AW & CP

                On Secondary Market when the loan becomes 30 days past due – Add Default Reason Code 032

 

The challenge with these will be when they go on the repayment plan.  

 

The only Payment Code 6 loans we currently have are working capital lines of credit that are interest only.   At this point, I haven’t received any requests from lenders to deal with this differently.    So, I am going to let a sleeping dog lie.  

 

If I’ve missed something or totally blew it, please let me know.   

               

 

 

 

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