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Washington DFI promotes mortgage borrower assistance

State Issues Washington Mortgages Covid-19 Mortgage Servicing

State Issues

On March 20, the Washington Department of Financial Institutions (DFI) issued guidance urging mortgage servicers to work with mortgage borrowers who are being impacted by Covid-19. The DFI suggests a number of ways in which servicers can help including, among other things, (i) mortgage payment forbearance; (ii) not reporting late payments to credit rating agencies; (iii) an additional 90-day grace period to complete trial loan modifications; (iv) waiving late payment fees; (v) suspending foreclosures for 90 days; and (vi) proactively communicating with borrowers regarding available assistance options. The DFI also provides additional Covid-19 resources on its website here.

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