At this meeting, approximately 22 MSC members spent two hours discussing ways in which we can better define a consistent and flexible – but simple – loss mitigation and loan modification structure across government agencies. Members agreed at the meeting that early, meaningful payment relief for borrowers in financial distress provides the best chance at successfully modifying the mortgage and bringing the borrower out of delinquency. With that framework in mind, MSC members discussed a range of potential options considering the impact on the customer, insurer/guarantors, investors and servicers. Several options were outlined, along with their key benefits and challenges, and what the result or solution would look like if the option were to be adopted.
- MSC members to review options and provide feedback to Urban.
- A follow up work stream meeting will be scheduled once feedback is received and compiled for review.