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Compliance Who can request a loan mod
WASHINGTON (4/27/09)—For loan modifications under the Obama "Making Home Affordable" plan, credit unions cannot solicit borrowers who are current or less than 31 days delinquent on their mortgage payments,note the compliance experts at the Credit Union National Association (CUNA). However, they remind credit unions that such members can contact the credit union to request modification of their mortgage payments if they are at risk of “imminent default”. The Obama administration program will then require the credit union to determine that the borrower is in fact “in danger of imminent default and underwrite the mortgage to program terms” using either the stated-income or income-documentation processes. For more compliance information, use the resource link below to visit the CUNA Compliance Challenge.
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