U.S.-based mortgage company, Mr. Cooper® have announced that it would be offering additional aid to customers that are personally as well as financially impacted by the COVID-19 outbreak. According to reports, the company plans to provide support to customers following the guidelines stated in the CARES Act and will continue to offer support using new digital tools and by increasing its staffing at call center.
Jay Bray, Chairman & CEO, Mr. Cooper Group Inc., claims that they has recognized that homeowners currently require a solution for mortgage payment relief and are pleased that the CARES Act creates an easy, consistent solution for its customers.
Bray assured that their team members are working around the clock to ensure that their 4 million customers can fulfil their dream of attaining a homeownership.
As per relief aid, Mr. Cooper will temporarily halt monthly mortgage payments for 3 months, with an option to extend it up to 12 months as needed during which late fees and negative credit reporting will be suspended.
An extra amount will be pumped to regular mortgage payment to cover the amount from the forbearance. Lump sum payment will be allowed so that customers can pay back the amount owed all at once.
Moreover, loan modification facility will be provided to customer that are unable to pay a lump sum amount or enter into a repayment plan. This facility includes an extension at the end of loan, giving customers additional months to pay the forbearance sum.
Commenting further, Bray said that at a global crisis like this, it is vital that their team members are healthy and happy so as to serve customers with compassion. Their company has long served its customers and shall remain resilient on this than ever before.