Largest Lenders in Boston Agree to Mortgage Payment Deferment Plan

Apr 13, 2020

View of Boston from the water. Credit: iStock.com/buzbuzzer

Director of Events

In attempts to aid borrowers who have been affected by the COVID-19 pandemic, 12 of the largest lenders in Boston have agreed to offer qualified borrowers a three-month deferment plan. This development is a result of a plan brokered by Mayor Marty Walsh's administration, according to a report.

"The lenders have also agreed not to report any deferment as a bad loan or to report it to credit-rating agencies as late; and they will not charge late fees on payments or deferments," according to Curbed Boston.

What's even more important for borrowers is the fact that they do not have to repay all three months worth of payments at once. They will be repaid in small increments, according to the report. That being said, there will be guidelines that borrowers must follow in order to secure deferment on their loans.

"The lenders have agreed to approve any postponements within 21 days of an application and with a minimal amount of red tape. Borrowers will have to demonstrate that the pandemic has financially impacted them enough to qualify for the deferred payments," accoridng to the report.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Apr 13, 2020

Analysis and Data

Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Tech

New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Feb

Palm Springs, CA

More from

Industry News

Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News

Oct 29, 2026

Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News

Oct 16, 2026

Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News

Oct 14, 2026

PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News

Oct 09, 2026

Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News

Oct 09, 2026

Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News

Oct 08, 2026

Popular