Servicing

Homeowners hurt by coronavirus were told they could delay their mortgage payments without facing consequences. Now, some are learning they’re at risk of being shut out of the housing market.

Eligible borrowers can add the forborne payments to the end of their loan term.

From what it takes to accommodate remote notarization to figuring out how to process an influx of forbearance requests through limited communication channels, here are five takeaways from coronavirus-related work restrictions.

The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.

By the end of the first quarter, the number of borrowers 30 days late on their mortgage increased by 59 basis points.

After over two years of falling delinquency rates, the burgeoning unemployment following the coronavirus economic shutdown will bring a surge of outstanding mortgages.

Rick Thornberry is looking to the lessons from the Great Recession and applying them to current conditions.

Specialized Loan Servicing will pay more than $1 million to settle Consumer Financial Protection Bureau allegations that it foreclosed on protected consumers and failed to send required evaluation notices in 2014.

The number of mortgages in coronavirus-related forbearance rose by 37 basis points as the unemployment rate soared, according to the Mortgage Bankers Association.

Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronavirus relief law.