Minnesota Banking Industry Affirms its Commitment to Work with Borrowers Affected By COVID-19
July 2, 2020 (Eden Prairie, MN). Housing stability is one of the major economic concerns resulting from the COVID-19 pandemic. Specifically, some homeowners may be unable to make their mortgage payments due to the impact of COVID-19. Health experts predict that the pandemic will continue for many months, meaning the economic challenges Minnesotans face will also continue.
Minnesota banks are, and have always been, committed to serving their customers and communities. For the past four months, Minnesota banks have been working proactively with their borrowers that have been impacted by COVID-19. “There are many different tools that banks can use to provide mortgage assistance” remarks Joe Witt, President/CEO of the Minnesota Bankers Association. “Throughout Minnesota, banks, both large and small, have been utilizing those tools every day. They will continue to provide that assistance going forward. They are doing what they can to ensure homeowners stay in their homes, which is the best result for borrowers, lenders, and local communities.”
When homeowners request help with their mortgage, their bank will analyze the specific facts of the situation. Their bank will then identify a solution that is tailored to address their specific concerns. With multiple tools and options available, the lender is able to work directly with the borrowers to craft the proper solution to help ensure they will remain in their home. Andy Noll, President of First Farmers & Merchants National Bank, Fairmont, stresses, “One size cannot fit all. It is vitally important to give lenders and borrowers the flexibility to identify the best solution for each homeowner, while also ensuring the safety and soundness of the financial institution.”
If you are a homeowner who is having trouble making your mortgage payments due to COVID-19, contact your lender immediately. It is very important that you work with your lender as early as possible. Do not avoid this conversation. Requesting help sooner rather than later will ensure that you and your lender have more available options to address the situation. You may also want to consider contacting a housing or credit counseling agency for more information and support. You are not alone; Minnesota banks are ready and able to help.
The Minnesota Bankers Association is the state’s largest trade association devoted exclusively to representing commercial banks. The MBA was founded in 1889 and represents 95% of Minnesota’s banks. The MBA is proud to support our member banks as they work to ensure vibrant communities throughout the state. For more information, please visit our website at www.minnbankers.com.
Media Contact: Carla Bush, Director of Communications/Education, Minnesota Bankers Association, firstname.lastname@example.org; 952-857-2605