BLOG VIEW: The mortgage market has been significantly affected by the COVID-19 pandemic. With severe job losses and layoffs, many homeowners are struggling to pay their mortgages – and servicers are having to deal with a large number of default cases. The Mortgage Bankers Association (MBA) recorded a historic surge in mortgage delinquency rates in the second quarter – to a nine-year high.
Just as mortgage servicers were preparing to handle the deluge of communication from borrowers, the CARES Act was enacted to offer financial assistance and relief to alleviate the economic impact of the pandemic. Besides its other requirements, an important mandate of the Act is that a borrower who raises a forbearance request should be acknowledged on priority. If
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