Scotiabank officials met with banking board members and the Division of Banking and Insurance Monday to report on actions the bank is taking to accommodate Virgin Islanders with balloon mortgages that have already expired in 2o15 or will soon expire.
The bank discontinued its balloon mortgage program in 2010. These mortgages mature every five years and is subject to modification, or can be changed to another mortgage product, such as an adjustable rate mortgage or a fixed-rate mortgage.
Scotiabank, at the request of the board and the division, provided the following steps being implemented to assist balloon mortgage customers in transitioning from the product. The bank:
Rather than have customers submit documents to Cenlar FSB in New Jersey, Scotiabank requests that documents be submitted through its local mortgage unit to Attallah Bertrand-Rogers via fax at (340) 776-0522 or email at [email protected].
By unanimous vote, banking board members asked Scotiabank to submit monthly progress reports on the status of loan modifications to Lt. Gov. Osbert Potter, board chairman, beginning March 31.
“We want to make sure the customers are educated about what is available to them,” said Gwendolyn Hall Brady, director of the Division of Banking and Insurance.
In addition to Potter, banking board members attending Monday’s meeting were Finance Commissioner-designee Valdemier Collens; Pablo O’Neill, CPA; and Ernesto Gutierrez.