Servicing Guide

Published September 9, 2020

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Payment Deferral Agreement

[SERVICER LOGO]                                                  [SERVICER ADDRESS]

[BORROWER 1 NAME] [BORROWER 2 NAME]

[ADDRESS 1]

[ADDRESS 2]

[CITY, STATE ZIP CODE]

[DATE]

 

REFERENCE: [LOAN NUMBER]

PAYMENT DEFERRAL AGREEMENT

[DATE]

Dear [BORROWER NAME(S)]: 

Thank you for speaking with us about your mortgage. As we discussed, you are approved for a payment deferral, and we will defer your past-due amounts to bring your mortgage current. This letter describes what a payment deferral is and how it impacts your mortgage.

[When including with a solicitation letter, use the following language in lieu of the paragraph above:

You are approved for a payment deferral, and we will defer your past-due amounts to bring your mortgage current. This letter describes what a payment deferral is and how it impacts your mortgage.

 

**To accept this offer, you must [servicer include instruction on method(s) evidencing acceptance] by [date before end of the current month]**

 

]

What is a Payment Deferral?

A payment deferral brings your mortgage current and delays repayment of certain past-due monthly principal and interest payments, as well as other amounts we paid on your behalf related to the past-due monthly payments. You will be responsible for paying the past-due amounts upon the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

Terms of the Payment Deferral

As of [EFFECTIVE DATE], we will

  • adjust the due date of your next scheduled monthly payment to bring your mortgage current,
  • defer the scheduled repayment of the total past-due amounts to the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance, and
  • waive any late charges.

[For a borrower who was 12 months delinquent at the date of evaluation where the servicer is also using a processing month, include the following language: We require a processing month for us to complete your payment deferral. Because you are 12 months delinquent, you must pay your current monthly contractual payment of $[amount] by [date] in order for your payment deferral to become effective.]

The following table describes the specific terms of your payment deferral.

Number of past due principal and interest payments to be deferred

 

Past-due principal and interest payment amount to be deferred

 

Other past-due amounts to be deferred*

 

Total past-due amounts to be deferred**

 

Late charges to be waived

 

*Includes any amounts we paid on your behalf related to the past-due payments, such as taxes or insurance, as authorized by your mortgage documents.

**Interest will not be charged on the total past-due amounts to be deferred. The payment deferral will not change any other terms of your mortgage.

Once your payment deferral is in effect, you must continue to make your scheduled monthly payment to keep your mortgage current.

QUESTIONS? CONTACT US

 

[SERVICER’S NAME]

Phone: [8XX-XXX-XXXX]

Email Address: [SERVICER’S EMAIL]

Website: [SERVICER’S WEBSITE]

 

FREQUENTLY ASKED QUESTIONS

What other amounts might I owe?

  • There are no processing fees for this payment deferral.
  • If there is already a principal forbearance amount that will be due at the maturity of your loan, you will still be responsible for any such amount that remains at the maturity date of the mortgage loan or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

How will a payment deferral impact my credit?

  • [For a borrower receiving a COVID-19 payment deferral: For a borrower receiving a payment deferral the servicer must report the status of the mortgage loan to the credit bureaus in compliance with all applicable laws.]
  • [For a borrower receiving a COVID-19 payment deferral, include the following: The servicer must report the status of the mortgage loan to the credit bureaus in accordance with the Fair Credit Reporting Act, including as amended by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), for borrowers affected by the COVID-19 emergency. If your financial hardship was caused by COVID-19 during the covered period under the CARES Act and you were current on your mortgage before receiving the payment deferral, we will continue to report you as current on your credit report.]
  • When your payment deferral is completed, you will be considered current on your mortgage.
  • For  information on how your credit report may impact  your credit score, go to: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/

What if I need further assistance?

  • Please contact us any time at [SERVICER PHONE NUMBER], especially if you experience another event that may prevent you from making your mortgage payme
  • For a list of HUD-approved housing counseling agencies that can provide free foreclosure prevention and debt management information, and may be able to provide translation or other language assistance, contact one of the following federal government agencies

For additional information on how to avoid foreclosure, including help for military servicemembers, you may also visit Fannie Mae’s www.KnowYourOptions.com.

Additional Payment Deferral Information and Legal Notices

[The servicer must include any disclosures required by federal, state, or local law.]

[If the borrower is in good standing under a HAMP® modification, remains eligible to earn additional borrower incentives, and will lose good standing upon completion of a payment deferral, servicers must include the following:

If your mortgage has been modified under the Home Affordable Modification ProgramSM (HAMP®), please note that:

Upon this payment deferral becoming effective, you will be ineligible to receive any future HAMP "Pay for Performance" incentives, including any accrued but unpaid incentives.]

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