Since the CARES Act was signed into law, homeowners across the U.S. have taken advantage of its mortgage relief provisions. In fact, as of November 2020, a total of 6.5 million borrowers had been, or still were, on a COVID-19-related forbearance plan, either through the CARES Act or another program.

Fortunately, the forbearance programs and foreclosure moratoria have protected many Americans from losing their homes during the pandemic. Thanks in large part to these programs, the sort of housing market crisis of the 2008-2009 Great Recession has thus far been avoided.

At the onset of the COVID-19 crisis in the U.S., as servicers worked to quickly help borrowers in need of assistance, significant operational challenges began to emerge. Many of these challenges persist today, while

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