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Message to Massachusetts Financial Institutions, Mortgage Lenders, and Mortgage Loan Servicers Regarding Support for Mortgage Loan Borrowers Impacted by the Novel Coronavirus (COVID-19)

Date: 
03/25/2020
Author: 
Commonwealth of Massachusetts, Division of Banks

From the letter - see the full document, attached:

The Division fully expects that institutions will implement all reasonable and necessary change to provide relief to those adversely impacted borrowers during this state of emergency, and continuing thereafter, as necessary. These actions include, but are not limited to:

  • Postponing foreclosures for 60 days;
  • Forbearing mortgage payments for 60 or more days from their due dates;
  • Waiving late payment fees and any online payment fees for a period of 60 days;
  • Refraining from reporting late payments to credit rating agencies for 60 days;
  • Offering borrowers an additional 60-day grace period to complete trial loan modifications, and ensuring that late payments during the COVID-19 pandemic do not affect their ability to obtain permanent loan modifications;
  • Ensuring that borrowers do not experience a disruption of service if the mortgage servicer closes its office, including making available other avenues for borrowers to continue to manage their accounts and to make inquiries; and
  • Proactively reaching out to borrowers to explain the above-listed assistance being offered.
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