Dec. 8, 2008


  • Any infor on which credit unions modified mortgages? Stats on what percentage of portfolio, # of loans, etc. What is a modified mortgage - Does simply advancing the monthly due date qualify?
  • When reporting mortgage modifications, credit unions are instructed to include "all loans and leases whose terms have been modified because of deterioration in the financial condition of the borrower whether or not such modified loans are troubled debt restructurings under GAAP. The modified terms offered the borrower could include an increased term, a reduction in interest rate or principal or other concession. Include all modified loans whether or not the terms conform to either the rate, term and loan-to-value that would be granted on a new loan with a similar risk profile. If the loan is refinanced or modified just to keep a member who is current on their loan from refinancing for a better rate or terms elsewhere, it does not need to be reported in this section. For more detailed lists of this data, please contact our Industry Analysts for a custom data report.
    Alix Patterson