How Lenders are Preparing for a Wave of Loan Modifications

National Mortgage News, June 2, 2020–Brad Finkelstein (subscription)
For the first weeks of the coronavirus crisis, mortgage servicers were in triage mode. As the government issued a flurry of measures to deal with financial hardships resulting from widespread economic shutdown, servicers rushed to grant the CARES Act mandated forbearances for GSE conforming loans. But as the growth rate in forbearances has slowed, lenders are gaming out their plans for the moment when the 12-month forbearance period ends, puzzling over how to prepare themselves for what may come next.
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