To the Point with Bob: Repayment Options Are Crucial to Forbearance Strategy
In his latest blog, Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, discusses the importance of repayment options as lenders and consumers work together on forbearance strategies.
The blog can be accessed at https://2thepoint.blog/2020/04/28/repayment-options-are-crucial-to-forbearance-success/.
“The entire mortgage industry is focused on making sure that we assist borrowers during this challenging time,” Broeksmit wrote. “I am very proud of the work we as an industry are doing and recognize that it is vital to the ability of Americans to stay safe and sheltered while maintaining some stability during this pandemic and its associated uncertainty and fear.”
Broeksmit noted mortgage servicers are on the “front line,” dealing with millions of borrowers impacted by COVID-19 and implementing forbearances granted by Congress through the CARES Act. “It is a fluid situation, compounded by the challenges that mortgage servicers — like all businesses — face in the current environment where employees must work from home,” he said. “The demands are severe, and servicers are rising to the challenge.”
Helping distressed borrowers is what servicers do, Broeksmit emphasized. “We must do everything we can to get borrowers into forbearance if they need it, with as little uncertainty and pain as possible. That means making them aware of all the repayment options that could be available to them when their forbearance ends.”