RI Banks and Credit Unions Step Forward With Pledge to Help Homeowners Facing Economic Hardship - Rhode Island Commerce

Saturday, April 25, 2020
GoLocalProv Business Team
https://www.golocalprov.com/business/ri-banks-and-credit-unions-step-forward-with-package-to-help-homeowners-fac

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:

Participating Lenders

Bank of America

Bank Rhode Island

BankFive

BankNewport

BayCoast Bank

Berkshire Bank

Centreville Bank

Citizens Bank

Customers Bank

Freedom National Bank

HarborOne Bank

Rockland Trust

Santander 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 

RI Housing

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