Use for: WCUL Closed-End Simple-Interest Loans when governed by Wisconsin law. It allows the credit union and borrowers to agree to a lower interest rate on a loan, with a corresponding reduction in the payments.
- See ii Release No. B081 – WCUL Loan Modification Agreement – Interest Rate and Payment Reduction, and
- ii Release No. B072 regarding loan workouts and TDRs.
- See Compliance Courier: New WCUL loan modification form helps lower rates without redisclosure (5/11/2020).
- Rev. 5/20.