Correspondent Lending COVID-19 Forbearance Guidance—April 29, 2020
COVID-19 Forbearance Guidance
April 29, 2020
As a reminder, AIG’s RML Correspondent Lending will not purchase loans where the Mortgage Note has been impaired, waived, altered or modified in any respect, as stated in our Correspondent Lending Seller’s Guide.
If a borrower has requested a forbearance for the borrower’s loan as a result of a COVID-19 impact, the loan will not be eligible for purchase. If a loan goes into forbearance after AIG purchases the loan, while still within the EPD period, the EPD period will be temporarily suspended until the forbearance period has concluded. Once the forbearance period concludes, the EPD period will resume until the total number of required loan payments (per our EPD policy) have been made.
We are available to answer your questions related to this topic or any other topics during this difficult time. Should you have specific questions related to this announcement, you can reach out to Shane Larscheid, Vice President of Sales.