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The Loan Modification Management Program is designed to function as a forum for debtors and creditors to reach a consensual resolution when a debtor’s property is at risk of foreclosure.
These procedures and forms implement the Loan Modification Management Program (“LMM” or “LMM Program”). The LMM is designed to function as a forum for debtors and creditors to reach a consensual resolution when a debtor’s property is at risk of foreclosure. The goal of the LMM is to facilitate communication and exchange of information ...
they “view prudent loan modification programs to financial institution customers affected by COVID-19 as positive actions that can effectively manage or mitigate adverse impacts on borrowers due to COVID-19, and lead to improved loan performance and reduced credit risk.”18 Issuing lending principles to encourage
For all other loan modifications, the agencies have confirmed with staff of the Financial Accounting Standards Board (FASB) that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs.
The agencies view loan modification programs as positive actions that can mitigate adverse affects on borrowers due to COVID-19.
These procedures and forms implement the Loan Modification Management Pilot Program (“LMM” or “LMM Program”). The LMM is designed to function as a forum for debtors and creditors
This Bulletin describes the requirements for the Flex Modification, including the eligibility requirements and exclusions, modification terms, requirements for an offer for a Flex Modification and evaluation hierarchy.
