MBA Statement on FHFA's Announcement on Refinance and Home Purchase Eligibility for Homeowners in Forbearance
WASHINGTON, D.C. (May 19, 2020) - MBA President and CEO Robert D. Broeksmit, CMB, released the following statement regarding the Federal Housing Finance Agency's (FHFA) announcement on refinance and home purchase eligibility for borrowers in forbearance.
"MBA applauds Director Mark Calabria and the FHFA for the temporary guidance announced today regarding the eligibility of borrowers who are in forbearance or who have recently ended their forbearance period. This provides much-needed clarity for borrowers, mortgage lenders, and servicers. We also commend FHFA for extending the GSEs' previous policy on purchasing single-family mortgages in forbearance.
"These welcome moves ensure that homeowners who continue to make on-time payments - and those who have successfully exited forbearance - can benefit from near record-low mortgage rates. It also keeps the mortgage market functioning efficiently and helps ease current credit availability constraints.
"MBA continues to advocate strongly for policies that provide assistance to homeowners and renters during the ongoing pandemic. The housing market will play a leading role in the economic recovery, and we appreciate FHFA for taking into consideration the industry's feedback on ways to bolster these efforts responsibly while providing necessary relief to borrowers in need."