On June 19, the Washington Department of Financial Institutions issued amended guidance that replaces guidance issued in March to Washington State regulated and exempt residential mortgage loan servicers regarding support for consumers impacted by Covid-19. The amended guidance urges mortgage servicers to continue to assist consumers adversely impacted by Covid-19.
The Department further urges services to take “reasonable and prudent actions through September 30, 2020, subject to the requirements of any related guarantees or insurance policies” to support mortgagors by:
- forbearing mortgage payments;
- refraining from certain credit reporting;
- offering additional time to complete trial loan modifications;
- ensuring that late payments do not adversely affect a consumer’s ability to obtain permanent loan modifications;
- waiving certain fees;
- postponing foreclosures;
- ensuring mortgagors do not experience service disruptions as a result of office closures; and
- proactively reaching out to mortgagors to explain the assistance being offered.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.