888.369.1573 | HTLWHOLESALE.COM HighTechLending, Inc. All Rights Reserved. NMLS #7147 (nmlsconsumeraccess.org). For more information on licensing please visit www.hightechlending.com/compliance-information Even top U.S. government officials have weighed in on the matter. In a joint statement this spring, Treasury Secretary Janet Yellen, HUD Secretary Marcia Fudge, Veterans Affairs Secretary Denis McDonough and Agriculture Secretary Tom Vilsack urged servicers on federally backed mortgages to pause foreclosure proceedings when they learn a borrower has applied for HAF assistance. “During any such pause, we encourage homeowners and servicers to continue working together on loss mitigation options to ensure vulnerable homeowners eligible for assistance are able to choose the best path to staying in their homes and fully utilize available resources,” the secretaries said in a media release. The officials also encouraged state programs to expedite applications from borrowers facing foreclosure. There also is a role for loan originators, according to Irwin. If an originator or lender learns that a borrower has been affected by COVID-19, they can reach out to the servicer to help facilitate communication. Originators also can lend a hand to borrowers who may need help applying for assistance from HAF. “Servicers recognize that the loan officer connection is an important one, as they are a trusted adviser for their clients,” Balettie says. “As such, NRMLA has created A Loan Officer’s Guide to Housing Assistance Fund Program, which can be found online.” To access the guide, visit bit.ly/3uaa9z9. Balettie says she believes the program will give eligible homeowners an opportunity to recover from the impact of COVID-19 on their finances. “We are hopeful that those who get this opportunity will take steps to ensure they can keep up with their obligations,” she says. “However, if they do re-default, Celink stands ready to help them with any other loss mitigation options available to HECM borrowers at that time.” The HAF program itself seems designed to ensure that eligible borrowers find their footing, according to Capitao. “Some programs have a limited focus on affordability for the household moving forward,” he says. With HAF, “they are looking at sustainability from the get-go.” REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2022 23
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