FICS' Anita Bush: Effective Forbearance Management for Mortgage Loan Servicers

With approximately 2.7 million loans now in forbearance and a new acting director at the nation’s most powerful mortgage regulator, mortgage servicers are working hard on their plans for easing borrowers out of forbearance and back on track when the COVID crisis ends.

Mortgage servicers need to communicate effectively with borrowers and help them establish forbearance and post-forbearance plans. With so many loans still in forbearance, servicers need an efficient way to track the specific terms/details of each borrower’s forbearance and post-forbearance plans. Mortgage servicing software must be able to accommodate payment deferment and other loan modifications.  

Read FICS' MBA Newslink article to learn about servicers' forbearance-related legal requirements and three keys to successful management of the post-forbearance process.