Mortgage Lenders Could Be In For More Chaos After Forbearance Ends
April 28, 2020
While mortgage servicers have been inundated with the surge in forbearance requests this month, experts believe that it will get worse as forbearance periods come to an end. Servicers could be in for another series of backlogs, delays and possibly dealing with foreclosures all at once.
According to The Real Deal, which cited a recent Bloomberg report, Fannie Mae, Freddie Mac and the Federal Housing Finance Agency are currently working to ensure that the transition out of the forbearance period is smoother. That being said, not much else has been reported out of those agencies as to how they will address a potential second wave of inundation.
"Mortgage Bankers Association CEO Bob Broeksmit said he expects Fannie and Freddie to announce a new repayment option in the next two weeks," according to the report. "Hopefully, this new option will not be overly complex and can work for a lot of borrowers."
Click here to read more about the second wave that may come as forbearance ends.
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