NCUA Issues Letter to FCUs: End of Homeowner Protection Programs

Since the COVID-19 pandemic began in early 2020, the federal government has enacted a series of programs to help people stay in their homes. Specifically, struggling homeowners received help through loan forbearance and several moratoriums on foreclosures and evictions for federally backed mortgages. In addition, many credit unions responded by providing loan modifications under Section 4013 of the Coronavirus Aid Relief and Economic Security Act (CARES Act) to provide payment relief for their members during this difficult period. Although the pandemic has not ended, some of these pandemic-era protection programs have expired or are nearing expiration. This letter from the NCUA provides credit union lenders and mortgage servicers with critical information for compliance with changes to these pandemic-era protection programs.