Remigio Ferrara

Private Mortgage Lender

Remigio Ferrara - NMLS ID #476380
Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road Suite 400 Fairfax, VA 22030
Website • Office: 571-419-6632 • Cell: 703-622-6999

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Agencies encourage lenders to work with student loan borrowers

July 25, 2013 by Remigio Ferrara

Federal Reserve Board of Governors

Federal Deposit Insurance Corporation 
Board of Governors of the Federal Reserve System 
Office of the Comptroller of the Currency

For immediate release

July 25, 2013

Agencies Encourage Lenders to Work with Student Loan Borrowers

The federal bank regulatory agencies today issued a statement encouraging financial institutions to work constructively with private student loan borrowers experiencing financial difficulties.  Prudent workout arrangements are consistent with safe and sound lending practices and are generally in the long-term best interest of both the financial institution and the borrower.

Student loan borrowers who are unemployed or underemployed may face hardship in making payments on their private student loan debts after separation from school or during periods of economic difficulty.  Current interagency guidance permits prudent workout and modification programs for retail loans, including student loans, .  Institutions that have private student loan workout programs should provide borrowers with information that clearly explains the programs, including eligibility criteria and the process for requesting a modification.

The statement is being issued by the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency.

Agencies Encourage Financial Institutions to Work with Student Loan Borrowers Experiencing Financial Difficulties (17 KB PDF)

Media Contacts:
Federal Reserve Board Susan Stawick 202-452-2955
FDIC Greg Hernandez 202-898-6984
OCC Stephanie Collins 202-649-6870

Last update: July 25, 2013

Filed Under: Banking & Consumer Reg Policy

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Remigio Ferrara

Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road, Suite 400
Fairfax, VA 22030

Website: www.mcleanlending.com/lo_rferrara.php
Office: 571-419-6632
Cell: 703-622-6999
NMLS ID #476380

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DC Mortgage Loan Originator #: MLO476380
DE Mortgage Loan Originator #: MLO-476380
FL Mortgage Loan Originator #: LO30974
NC Mortgage Loan Originator #: I-158100
SC Mortgage Loan Originator #: MLO – 476380
VA Mortgage Loan Originator #: MLO-10666VA
WV Mortgage Loan Originator #: LO-38872
MD Mortgage Originator #: 26-21596
PA Mortgage Originator #: 46267
TN Mortgage Loan Originator #: 235241

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