Forbearance Waiting Period Issue Solved Through FHFA
Forbearance GREAT News for Your Clients. You've heard me talking about how brutal the consequences were for taking a forbearance. It was something the designers of the Cares Act did not foresee. It took FHFA 6 weeks to figure it out. But they finally did. Listen to find out how the 12-month waiting period just got reduced to zero or three months and a quick summary of the four options for exiting a forbearance and their timing updates.
***Please note: this guideline change is for originating new conventional loans (Fannie Mae and Freddie Mac) not FHA, VA, and USDA, those still have a 12-month post forbearance waiting period. We are hopeful their announcements will follow.
Nicole Rueth The Rueth Team of Fairway Independent Mortgage Corporation 750 W Hampden Avenue, Suite 500 Englewood, CO 80110 303-214-6393 www.TheRuethTeam.com