How Mortgage Servicers Can Reduce the Strain of Corporate Advances

MaryBeth Folger News

In the unprecedented times of COVID-19, the current forbearance rate on all mortgage loans in the U.S. is hovering around 8.46%, higher than it’s been since 2009. While many borrowers will be able to work with their servicers to come out of forbearance, a portion of borrowers will default on their loans and proceed to foreclosure. These unique circumstances have prompted servicers nationwide to try and strike a balance between recouping their costs and keeping people in their homes. The cost associated with corporate advances include anything from late charges to property inspection, valuation, and preservation fees to costs associated …