Banking Board Special Meeting follow up PDF Print

 

For Immediate Release No. 16-15
March 17, 2015
For More Information Contact:

Regina Watson, Public Relations Officer

Ph:  (340) 774-2991 ext. 4122

Fax: (340) 774-6953
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Special Meeting of the Banking Board 

 

The Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the Virgin Islands Banking Board, presided over a special meeting of the Banking Board on Monday, March 16, 2015 on St. Croix at Government House. 

Also attending the meeting were Board Members Valdemier Collens (Department of Finance Commissioner Designee); Pablo O’Neill, CPA; and Ernesto Gutierrez.  

The purpose of the meeting was to hear from Scotiabank officials their responses to questions from the Banking Board and the Division of Banking and Insurance on actions Scotia is taking to work with Virgin Islanders who have balloon mortgages that have expired or will soon expire. 

Scotiabank responded, at the request of the Board and the Division, that it:

  1. Is offering a flexible loan modification program for its balloon mortgage customers with no loan origination fee.  An appraisal will be required only for loan amounts in excess of $250,000.
  2. Will offer a 30-year Fixed Rate Mortgage for customers whose balloon mortgages have expired.  No Adjustable Rate Mortgages (ARM) will be offered.
  3. Will send out written notices to notify balloon mortgage customers that the period for loan modification has now been extended to September 30, 2015. 
  4. Will hold community meetings on the balloon mortgage loan modification process from 5:30 pm – 6:30 pm on Wednesday, March 18, 2015 on St. Thomas at the Small Business Development Center in Nisky Center and on Wednesday, March 25, 2015 on St. Croix at Scotiabank’s Sunny Isle Branch.  To RSVP for either meeting, please call 340-774-2646.   
  5. Will place balloon mortgage loan modification advertisements on Scotiabank’s website, on local radio stations and in local newspapers.

 

Rather than have customers submit documents to Cenlar FSB in New Jersey, Scotiabank is asking that the documents be submitted through the local Mortgage Unit.  The documents can be sent directly to Ms. Attallah Bertrand-Rogers at Scotiabank via fax at 340-776-0522, or email (preferred) at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

 

The Board, by unanimous vote of Members in attendance at the March 16, 2015 meeting, asked Scotiabank to submit monthly progress reports on the status of  loan modifications to the Chairman of the Board beginning March 31, 2015, with each month showing progress made since the previous month.

 

For information or assistance, please contact the Division of Banking and Insurance at 340-773-6459 or 340-774-7166.

 

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