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Fed Alters Main Street Program's Lender Underwriting Expectations

FED
(MNI) WASHINGTON
  • Fed's revised FAQs emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to their post-pandemic prospects.
  • "Supervisors will not criticize Eligible Lenders for originating Main Street loans in accordance with the Program's requirements, including cases when such loans are considered non-pass at the time of origination, provided these weaknesses stem from the pandemic and are expected to be temporary or if such loans are part of a bank's prudent risk mitigation strategy for an existing borrower," the revised underwriting and supervisory FAQs state.
  • The Boston Fed, which administers Main Street, will "begin accepting loans made to multiple co-borrowers when that functionality is deployed next week," a statement said.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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