TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1265321
M R EP O RT | 25 EXPERT INSIGHTS is that if someone is rushing you to make a decision, that might be a sign of a scam. If someone calls you and says, "Oh, if you pay me a lot of money, I can provide counseling" that might be a sign of a scam. There are [Department of Housing and Urban Development]-approved counseling agencies with services that are provided at no cost. We provide that type of information so that homeowners and renters are aware of their options and know how to be aware of scams. M // How can the housing industry and the federal government assist homeowners once they exit forbearance plans? MCCOY // The key to remember is that borrowers with federally backed loans are not required to repay their missed payments all at once. This is a great op- portunity, again, to point to KnowYourOptions.com because it provides a lot of information to borrowers so that they're aware of their alternatives. Additionally, if the loan is owned by Fannie Mae, we have housing counselors that are available to review options with the homeowner so they can decide what [solutions] may best fit their circumstance so they're better informed before they call their servicer. M // What can the industry do to make sure homeowners are aware and understand their options? MCCOY // We launched Here to Help because we're committed to helping those impacted by COVID-19 and we want to ensure people understand all of their available options. KnowYourOptions.com has a lot of information. What I love the most is that it's broken down in different sections: there are fact sheets and there are videos. As I mentioned, there is counseling available and there are [contact] numbers for those counselors. You will also find loan lookup tools . Providing this information in different mediums and in different ways for people to educate themselves is one way we can really help homeowners. What we're doing through Know Your Options is helping to close the [information] gap. We are working closely with our regulator, the Federal Housing Finance Agency, to share available resources with homeowners and renters nationwide. The whole goal, for the industry, is to let Americans know that Fannie Mae and others in the industry stand ready to help consumers find the information that they need during these very uncertain times. Consumers should start by visiting KnowYourOptions. com and empowering themselves with reliable, easy-to-understand information about their options. - SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport "If someone's rushing you to make a decision, that might be a sign of a scam." — Danielle McCoy