Members are allowed 3 extensions, not including Skip A Pays, per term of the loan.  A minimum of 6 payments must have been made to the loan before a member can be granted an extension. 

 

If a member has an extension one month and then wants another extension the next month, this is when you would want to have the member talk to someone in Resolutions, because there could be a problem and we would want to consider other options to help the member.  
 

         • If a Member is 30 days or more delinquent, the extension must be approved by the

   Resolutions Department.

• Maximum of Three per Term of Loan. 

• No more than one month per year (not including Skip a Pay) 

• May be approved by anyone in Lending Department 
 

If the member is not delinquent more than 30 days:

• These do not have to be sent to the Resolutions Department.

• You can make the decision if you feel the member has a legitimate reason for the

   extension.  (2 month extensions are an exception and very rarely done and ONLY   

   through Resolutions)

• Make sure you have a reason for the extension on the form.

• When keying the extension in Account Adjustment, make sure to update the maturity date

   as well as the current due date.

• Scan the signed  & dated extension to  1-loan dept, 20XX, subsequent forms

• Attach scanned doc to loan

• Note extension in Notes section on the suffix in member service screen. Please include if

   it was their first, second or last extension, the month skipped and the reason

   For example: 1st ext - 3.2023, unexpected medical expense

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If the member is delinquent more than 30 days, send them to collections department so we can determine if an extension is the answer or if we need to look at other options.

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