Providing financial relief for those impacted by COVID-19
On April 29, 2020, Byline Bank joined a number of financial institutions around the City in the Chicago Housing Solidarity Pledge to stand with Chicagoans in the face of financial impacts to the stability of housing due to the COVID-19 pandemic. The pledge affirms that lenders and landlords will work with borrowers and renters experiencing financial hardships to work out a plan that suits their needs.
“As part of our mission to be the bank our customers deserve, Byline is committed to upholding the Chicago Housing Solidarity Pledge and to continue to help our neighbors and communities during this unprecedented and challenging time,” said Alberto Paracchini, President & CEO, Byline Bank.
Under this pledge, Byline will provide the following for eligible mortgage holders who demonstrate a significant financial impact from the pandemic:
- Grace Period for Mortgage Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
- Suspension of Foreclosures: Provide relief from foreclosure filings until May 31, 2020.
- Neutral Reporting to Credit Agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19-related relief, provided that loans that were delinquent prior to the deferral will continue to be reported as delinquent.
- No Late Fees for Missed Payments: Provide relief from mortgage-related late fees.
Under this pledge, Chicago’s landlords affirm they may provide one or more of the following for eligible renters who demonstrate a significant financial impact resulting from COVID-19:
- Grace Period for Rent Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.
- Written Repayment Plans: Permit renters with a missed rent payment to amortize the repayments over time.
- No Late Fees for Missed Payments: Provide relief from rent-related late fees.
To learn more about how Byline is helping and to request financial assistance, please visit our COVID-19 Updates.
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For more information please contact:
Byline Bank Media Inquiries:
Marketing and Communications Manager
Financial Profiles, Inc.