Freddie Mac Adds Disaster-Related Forbearance Policy To LCA
Freddie Mac has added a new Disaster-Related forbearance policy to the Loan Coverage Advisor, according to a recent Single-Family report. The policy will help professionals track occurrences with disaster-impacted loans after August 25, 2017.
"The Disaster-Related Forbearance Policy (refer to Guide Bulletin 2017-28 [PDF]) was created due to client-related concerns for borrowers’ mortgage payments and payment history," according to FreddieMac.
"It allowed borrowers affected by natural disasters to get assistance with their mortgage payments through APPs with contingency on proper reporting by servicers. In these cases, originators could retain eligibility for early selling rep and warranty relief."
The addition provides an update to search results, loan risk details and also brings additional reports.
To learn more about all of the additional options available through the Disaster-Related Forbearance Policy, click on the image above.
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