Home Borrower DS5: Freddie Mac’s Approach to Helping Distressed Borrowers

DS5: Freddie Mac’s Approach to Helping Distressed Borrowers

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The DS5: Inside the industry returns with Kevin Palmer, SVP, Single-Family Portfolio Management at Freddie Mac, here to discuss an issue that concerns many repairers and other industry professionals as well as hundreds of thousands of homeowners across the country – the end of COVID- 19 related abstention programs.

Of the 629,000 forbearance plans that are due to be considered for extension or termination this month, around 400,000 are expected to reach their final expiration based on established permitted forbearance times. Palmer talks about how Freddie Mac works with services to guide borrowers facing forbearance exits.

In the episode, Palmer offers his # 1 recommendation for repairers during this hectic time. He also shares more information on exclusive Freddie offerings such as the deferral of payment program as well as the company’s latest technology tools, which are not going away, he says.

“We’ve seen huge success from borrowers… about 800,000 have used forbearance and we’ve seen that 80% have become mainstream,” Palmer said. DS News. “We still have a lot of things ahead of us – and this pandemic is not over – and we need to get that 20% back on its feet. It’s so important for them to understand what’s there for them… We haven’t finished again. “


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