there are numerous, complex operational and compliance challenges for mortgage servicers as a result of the COVID-19 pandemic. Perhaps no topic has received more consumer, regulatory or industry attention than mortgage payment forbearances. Servicers offering forbearance programs—whether by force or choice—must be able to navigate the ever-changing federal, state and government-sponsored enterprise/investor/insurer rules and regulations. This article addresses some of the key compliance considerations related to COVID-19 forbearance programs and provides tips for overcoming the same.
Republished with permission. The original article "Mortage Forbearance in the Age of COVID-19" was published by ABA Banking Journal on September 8, 2020.