At what point in distressed loan servicing may a borrower request agricultural State mediation?
Borrowers have the right to seek mediation at any time during a distressed loan servicing, including after a decision has been made by the qualified lender or a review by the Credit Review Committee has been requested. However, mediation may not be requested after a Credit Review Committee has met on the matter or issued its decision: Credit Review Committee decisions are final decisions on matters under its review.
Related Questions
- When an agricultural State mediation is requested, what is the effect on loan servicing timeframes, including deadlines for review by Credit Review Committees?
- Are institutions required to participate in state agricultural loan mediation programs?
- What if the borrower has no collateral to support their loan request?
