Today we speak with NAMB President Rocke Andrews and Homebridge Financial Services CEO Peter Norden about “The Forbearance Dilemma and the Proposed FNMA FHLMC Deferral Option”
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the CDIA has issued guidance for lenders who put an account into forbearance or deferred payment status as a result of a consumer’s inability to make payments due to natural or declared disasters, or for other national crises. The credit reporting industry have had codes in place to assist consumers impacted by a natural or declared disaster. The CDIA and credit reporting bureaus encourage lenders to work with their clients to take full advantage of these codes put in place and report these codes to the credit reporting agencies (CRA’s). VantageScore and FICO, the leading score modelers, treat these codes as neutral so there should be no negative scoring impact on consumers who are reported to the CRA’s utilizing these specific codes.