Members of NAFCU’s Regulatory Affairs team Friday shared credit union concerns and issues related to mortgage forbearances with the Federal Housing Finance Agency (FHFA), and asked for additional guidance on some provisions of the CARES Act. Under the CARES Act, borrowers experiencing financial hardship during the coronavirus crisis may request forbearance on single-family and multifamily loans sold to the GSEs, and in response mortgage servicers must provide a forbearance that allows borrowers to defer their mortgage payments up to 180 days with an option for an additional 180-day extension. However, the CARES act does not provide relief for mortgage servicers, such as credit unions.
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