Forbearance & Covid-19

Covid 19 and forbearance ?

Answers to Client Questions on COVID-Related Assistance

This is an unprecedented time for our clients. We understand this may be causing hardships for some of you due to the shelter-in-place mandates that have resulted in loss of income or employment. Caliber wants to empower each of you so you know exactly what this assistance means. We recognize there is a lot of information posted on the Internet and in the media and we want to ensure you that you have the most accurate information that applies directly to you. The below items are consistent for all servicers in alignment with relief package that was announced.

Note there are some banks who are servicing loans that are not insured by Fannie Mae/Freddie Mac and other government agencies that may differ from the below. Those banks are providing options that are outside of the mandate from the government. Most everyone is aligned around this more standardized solution process. As a caliber client these are the current options available to you. Clients that are not impacted should continue to make their mortgage payments timely to maintain their credit bureau score. Payments can be made using:

Caliber Website: myaccount.caliberhomeloans.com

Self Service Voice Payment: Call (800) 401-6587 and follow the prompts to make a payment on line Payment with an Agent:

Call (800) 401-6587 and opt out of the IVR to make a payment through a Caliber Agent.

Please note that in the current environment our call volume is extremely high and can result in delays to talk to an agent.

Clients that have been impacted by COVID-19, either directly with loss of work from contracting the virus or indirectly through a layoff or loss of employment, should know that Caliber has options for those clients. Forbearance: The primary option that FHLMC, FNMA, FHA, VA and the USDA have made available to Servicers to provide to clients is a forbearance.

A forbearance is a temporary suspension of the client’s mortgage payment intended to allow the client time to manage their financial situation. In this program, the forbearance will be for a minimum of three months. Borrowers should attempt to keep current on taxes and insurance so that these do not become past due.

Late Charge waiver: This program will waive late charges

Credit Bureau Reporting: This program will suppress derogatory credit bureau reporting.

Note that at the end of the forbearance, all payments suspended during the forbearance will be due, however, if you are unable to repay the suspended payments, other options will be available to you, as long as you qualify, such as a repayment plan, partial claim or a modification. In Many State, it has been reported that five of the nation’s largest banks will suspend mortgage payments, and that four banks would defer mortgage payments for three months. In each of these cases the banks could elect to defer mortgage payments on loans in the bank-owned portfolio; however, if they service loans for the GSEs and Government Agencies they are required to follow the guidance from the GSEs and Government Agencies. This is the same guidance as above. Understanding that clients are having difficulty reaching Caliber agents due to the extreme volume that we’ve received from all the shelter-in-place mandates, Caliber is working on other solutions that clients can leverage to let Caliber know that they have been impacted by COVID-19 and need a forbearance. Effective Monday,

March 30, 2020, Caliber will be adding an option to allow clients to self-service a request for assistance as a result of COVID-19 using Caliber’s interactive voice response at (800) 401-6587. In the works is an option for clients to self-service through the web, however, an estimated time for deployment hasn’t yet been set for that option

Caliber FAQ’s – https://caliberhomeloans.com/tools-resources/faqs

Caliber disaster relief- https://caliberhomeloans.com/tools-resources/disaster-assistance/payment-relief-options

Fannie Mae – https://www.knowyouroptions.com/covid19assistance

https://www.nar.realtor/coronavirus-a-guide-for-realtors https://www.cdc.gov/

 

Kevin Brierton

Sr Loan Consultant Kevin@kevinbrierton.com NMLS 599873 Caliber Home Loans nmls 15622 16430 N Scottsdale Rd ste 170 Scottsdale AZ 85254
 
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The Brierton Team serving all over Arizona and the greater phoenix area including Scottsdale, Phoenix, Mesa, Glendale, Gilbert, Tempe, Peoria, Surprise, Avondale, Buckeye Casa Grande, Maricopa, Apache Junction, Queen Creek, El Mirage, Florence, Fountain Hills, Eloy, Paradise Valley, Coolidge, Wickenburg, Tolleson, Litchfield Park, Cave Creek, Carefree. We are here to Educate, Inform and Empower homebuyers and homeowners so they can make the BEST mortgage decision… Period. Kevin Brierton (NMLS 599873) Caliber Home Loans nmls 15622