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#2252115 - 04/09/21 04:42 PM what would you do
Anonymous
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we report to the credit bureaus. notice of credit reporting is provided at closing

we had a customer who's loans matured - once matured customer wanted to renegotiate terms - both lender and borrower knew the loans went into a delinquent status during this timeframe - all notifications (past due, maturity, SCRA Notice, HUD notice) produced and were provided to the borrower. both lender and borrower were o.k. and not concerned about any of this.

NOW borrower is refinancing another property and found that the loans were reported as late (30 & 90 day lates) this was due to the status during the renegotiation period. They have requested that we change the credit reporting to remove the late reporting.

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#2252134 - 04/09/21 08:31 PM Re: what would you do Anonymous
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,232
Bloomington, IN
If the delinquency was not COVID related and If the reporting is accurate why would you change it?
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#2252138 - 04/09/21 09:13 PM Re: what would you do Anonymous
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,530
The Country
Agreed, some customers get the idea they don't need to pay on the loan just because you are negotiating a future loan.
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#2252140 - 04/09/21 09:25 PM Re: what would you do Anonymous
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,859
TN
I agree as well. I would not support updating a credit bureau report unless it was due to a bank error.
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#2252157 - 04/10/21 07:53 PM Re: what would you do Anonymous
InFairness, CRCM Online
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InFairness, CRCM
Joined: Nov 2010
Posts: 435
USA
Originally Posted by Anonymous
both lender and borrower knew the loans went into a delinquent status during this timeframe - all notifications (past due, maturity, SCRA Notice, HUD notice) produced and were provided to the borrower. both lender and borrower were o.k. and not concerned about any of this.

My only question would be whether the lender told the borrower not to worry about it.
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#2252213 - 04/12/21 04:03 PM Re: what would you do Anonymous
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,379
Cheeseheadland
My questions are: why did the bank not start negotiations sooner before maturity or talk to the customer to discuss that, and second, once that conversation began, why didn't you just do a short term extension to get through the maturity period and not put you or the customer in the position to start with?

I am more than a little concerned that your lender wasn't concerned. From the info you provided, I am looking at the bank here and not your customer and wonder what your lender told the borrower, and if the borrower truly understood the situation since they saw it as post maturity issue and loan negotiation. I'm leaning in the borrower's favor here.
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#2252214 - 04/12/21 04:33 PM Re: what would you do #Just Jay
InFairness, CRCM Online
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InFairness, CRCM
Joined: Nov 2010
Posts: 435
USA
Originally Posted by #Just Jay
My questions are: why did the bank not start negotiations sooner before maturity or talk to the customer to discuss that, and second, once that conversation began, why didn't you just do a short term extension to get through the maturity period and not put you or the customer in the position to start with?

I am more than a little concerned that your lender wasn't concerned. From the info you provided, I am looking at the bank here and not your customer and wonder what your lender told the borrower, and if the borrower truly understood the situation since they saw it as post maturity issue and loan negotiation. I'm leaning in the borrower's favor here.

That's where I was going with my question, but you said it much more eloquently.
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