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Lenders Believe Mortgage Assistance Requests Will Subside

Navi Persaud
May 11, 2020
Suburban house

The COVID-19 pandemic sent an unprecedented wave of mortgage forbearance requests crashing down on lenders. However, it looks like lenders are being a bit more optimistic as the economy slowly reopens. A Good Morning Cleveland feature revealed some of those sentiments from lenders who are hoping for a turnaround when it comes to forbearance requests.
"At the end of the week, the mortgage payments for millions of Americans will come due and a growing number of them will seek relief amid the COVID-19 pandemic," according to the report which also stated that with this comes added hope that the worst may be over.
Ed Hensley, president of the Ohio Mortgage Bankers Association told the publication that lenders didn't want to see people lose their homes due to hardships brought upon by the virus. He says the future of forbearance in the industry is dependent on how many workers get called back and how quick it brings those numbers, though he says it definitely won't be overnight. 
While he doesn't believe that this crisis will cause the housing market to crash like it did in 2008, he says the next six months will be crucial to see what direction the market will be headed in.
Click here to view the full report.

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