26 financial institutions sign pledge to offer relief on mortgage payments, fees

PROVIDENCE – Twenty-six financial institutions have agreed to a 90-day forbearance period on mortgage payments and other measures aimed at helping customers struggling financially during the new coronavirus.

The pledge, announced by Gov. Gina M. Raimondo on Friday and posted on the R.I. Department of Business Regulation website, also includes a 60-day moratorium on foreclosure sales and evictions and waiving or refunding fees for late mortgage payments and early certificate-of-deposit withdrawals.

The 26 institutions that have signed the pledge are: Bank of America Corp., Bank Rhode Island, BankFive, BankNewport, BayCoast Bank, Berkshire Bank, Blackstone River Federal Credit Union, Centreville Bank, Citizens Bank, Customers Bank, Freedom National Bank, Greenwood Credit Union, HarborOne Bank, Navigant Credit Union, Ocean State Credit Union, Pawtucket Credit Union, People’s Credit Union, PGE Federal Credit Union, Rhode Island Credit Union, R.I. Housing and Mortgage Finance Corp., Rockland Trust Co., Santander Bank, The Washington Trust Co., Wave Federal Credit Union, Webster Bank and Westerly Community Credit Union.

TD Bank, which has the sixth-largest presence in the state by share of deposits, did not sign the pledge but is also offering 180-day mortgage forbearance to homeowners with federally backed mortgages, as well as forbearance options for residential mortgage and home equity loans, according to spokeswoman Kate Toy. JPMorgan Chase & Co. was not on the list but has begun expanding its presence in Rhode Island, and is also committed to helping homeowners in need, according to spokeswoman Carolyn Evert.

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Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com.