The COVID-19 pandemic has definitely left its mark on the mortgage industry. It will likely take years for the effects to fully be known and absorbed.

When the pandemic began to really take hold in March of 2020, Congress acted fast to try to ward off an economic panic. They went big. And continued to go big well into 2021.

Eviction and Foreclosure Moratoriums 

Eliminating the ability for landlords to evict tenants and creditors to foreclose on borrowers was clearly an attempt in the short-term to keep people in their homes while the country worked through this new unprecedented medical emergency. These are both relatively straightforward (although sometimes controversial), so we aren’t going to go into eviction or foreclosure details here.

But what is this perhaps less familiar term, “forbearance”? Although the term is not new, it is not something most of us have encountered in the mortgage industry before, so we wanted to take a deeper dive into understanding this concept and its effects on the mortgage market and consumers.

Outline

This sample course is part of the final module of our 8 Hour SAFE Comprehensive course. So while we will only cover Unit 19 in this sample, we wanted to let you know what the rest of the course covers:

• Unit 19: What is Mortgage Forbearance?

And if you take our whole course, you would also cover:

• Unit 20: When Forbearance Ends
• Unit 21: The Government’s Role

We sincerely hope that at the conclusion of this course, you have a better understanding of how COVID-19 mortgage forbearance works including the details you need to know in order to confidently talk with your clients and potential clients who may still be trying to fully understand this concept.