July 12, 2012 - 1:50pm
#1
Our collection manager with the approval of the Dir of Lending, approved a subsequent action to skip a loan payment. Our policy clearly indicates no Skip Payments on HE/Mortgages/HELOCS. By them doing this, is this considered a modification that would need to be reported in the Call Report? Where they suppose to redo some of the loan docs because it was a mortgage? I am not familiar in this area. Thanks.
