Saturday, April 25, 2020
GoLocalProv Business Team
A group of banks and credit unions has agreed to give flexibility to lenders during those impacted by the coronavirus economic crisis. According to the plan, the group of financial lenders has agreed to the following “Financial Institution COVID-19 Relief Pledge.”
And a few notable players have not joined the program — TD Bank and Chase are two significant banks who have not signed on.
SEE THE LIST OF LENDERS PARTICIPATING AT THE BOTTOM:
In an effort to provide much-needed relief to Rhode Islanders, financial institutions commit to offering the following relief to homeowners impacted by the COVID-19 pandemic.
90-Day Grace Period for All Residential Mortgage Payments
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to residential borrowers economically impacted by COVID-19. In addition, these institutions will:
Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation; confirm approval of and terms of forbearance program; and provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.
No Negative Credit Impacts Resulting from Relief
Financial institutions will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19-related relief.
Moratorium on Initiating Foreclosure Sales or Evictions
For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
No Fees or Charges
For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:
Bank of America
Bank Rhode Island
Freedom National Bank
The Washington Trust Company Webster Bank
Navigant Credit Union
Pawtucket Credit Union
Rhode Island Credit Union
Westerly Community Credit Union Wave Federal Credit Union
PGE Federal Credit Union Greenwood Credit Union
People’s Credit Union
Ocean State Credit Union
Blackstone River Federal Credit Union