By: David Etter, Managing Director – Loan Review Services
Your Commercial Loan portfolio may require additional monitoring and/or credit administration attention to address the effects of the unprecedented impact on our economy from COVID-19, and Bennington Parters/SCS may be able to offer assistance to you in these endeavors.
Develop action plans for effectively and efficiently rolling out credit modification programs to assist your Borrowers manage the negative impacts on their cash flow that meet the desired requirements of the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. This includes:
• Program parameters, Policy revisions, and sample internal documentation and approval process.
• Thoughts on internal MIS and reporting to ease in the revised Call Reporting requirements.
• Facilitate an internal discussion and then document the parameters to identify “short-term modifications” from “potential” and “well-defined weaknesses.
Provide seasoned credit professionals to assist in a “co-source” environment with the credit administration needed for the enhanced level of monitoring that may be required or the volume of modifications requested.
Review your construction loan portfolio to assist in the documentation of the impact on any potential delays in construction and its impact on interest reserves, construction budgets, etc. For speculative construction loans, document the Borrower’s expectations on impact on absorption and prepare for extension related to same.
BP/SCS has the experience in working remotely with the majority of our clients, so our seasoned consultants are well versed in working in today’s remote environment.
BP/SCS has a well-developed technology infrastructure to support our staff working remotely. BP/SCS has also made information security one of the foundations of our business, with a current SSAE 16 audit to document our efforts.
If you would like to discuss these services or have any other questions for us, please contact David Etter, Managing Director at detter@smslp.com
