Now is the time where proactive, constructive assistance to borrowers is needed and in doing so, will demonstrate the Credit Union difference. Preemptively working with your members to help them with short-term solutions not only helps them, it may mitigate future economic impact to your credit union. We have assembled a few key resources that provide information and guidance when modifying loans, making concessions, or granting forbearance agreements.
While Lillie & Company does not endorse specific vendors, an excellent article on Forbearance Agreements was published by Weltman, Weinberg, & Reis Co., LPA. This article explains what a forbearance agreement is and introduces best practices when granting them.
If you have any questions, feel free to contact us at email@example.com or firstname.lastname@example.org. If you need a PDF of these resources, click here.