29
Borrower education, I think, is the
number-one way we help the consumer. en,
secondarily, we have to ensure that we're careful
in those conversations to make sure that the
consumer understands their total relief under
the law. On the front end of COVID-19, there
was a real tension between, under CARES, "Do
we start with a 90-day forbearance versus 180-
day forbearance?" at was a key question that
we were juggling, but really, CARES authorizes
a 12-month forbearance for consumers.
Despite the fact that the industry should
support financial accountability of the
consumer to make sure that the consumer
carries that urgency to want to get back into
their regular monthly mortgage payment
again, we also want to make sure that these
protections that were designed to help the
COVID consumer are leveraged to the best of
their ability.
is is where it comes into play with
foreclosure. If their consumer opts into a
COVID protection too soon, they might be
victim to a longer-form loss-mitigation process
later, extending or increasing their potential
opportunity to visit the foreclosure process.
So, we want good, solid resolutions when a
consumer is ready to make a regular monthly
mortgage payment again, to hopefully pop
them back into a performing status where
foreclosure is never even on the table for them.
"If their consumer
opts into a COVID
protection too
soon, they might
be victim to a
longer-form loss-
mitigation process
later, extending
or increasing
their potential
opportunity to visit
the foreclosure
process."
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