Lender Roundtable Series: Credit Reporting & Borrower Support in Response to COVID-19 (April 2020)

Lender Roundtable Series: Credit Reporting & Borrower Support in Response to COVID-19 (April 2020)

As your loan fund seeks to adjust to business closures, layoffs, and economic hardships induced by COVID-19, learn how to properly code flexible loan terms, and discuss strategies for continuing to support your borrowers in maintaining stability throughout this time. We are joined by CBA Bureau Services Team, Northwest Access Fund, and Rocky Mountain MicroFinance Institute to discuss the following:

  • CDIA guidance related to coding in Metro 2®.
  • Frequently asked questions related to reporting disasters/emergencies.
  • Best practices for supporting borrowers remotely.
  • Tips for communicating with borrowers about increased flexibility provisions.
  • Information on how CBA Fund is funding nonprofit consumer lenders to offer "Resilience Loans".

CBA's Lender Roundtable Series is open to CBA Members and non-members alike. 

 

Correction: During this webinar, we discussed the use of the Special Comment Code AW and its impact on consumer credit scores. It was mentioned that the use of the AW code on an account would result in the account in question being excluded from credit scoring models. However, we want to clarify that this is only true for some credit score models. Specifically, the use of the AW code (in and of itself) does not have any impact on FICO® Scoring models, nor do FICO Scores exclude accounts that include the AW code from their calculations.

Download the Presentation Slides Download the Webinar Q&A