Mortgage Servicers Must Act Now to Implement Latest COVID-19 Payment Deferral

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In response to the COVID-19 pandemic and mortgage servicers’ feedback, Fannie Mae and Freddie Mac introduced a COVID-19-specific payment deferral program to homeowners on May 14, 2020. This program is specifically designed to help borrowers impacted by a COVID-19-related hardship return their mortgages to a current status after up to 12 months of missed payments. It applies to borrowers who have completed a COVID-19-related forbearance plan or who have a confirmed but resolved COVID-19 financial hardship.

This article explains how mortgage servicers can ensure compliance with Fannie Mae and Freddie Mac’s COVID-19-specific payment deferral program.

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