The mortgage industry is concerned about our customers who have missed one or more payments and may be eligible for CARES Act assistance. Sometimes customers don’t call their mortgage company because they don’t have the funds to make a payment so they just don’t engage. But for almost all loan types, we have payment relief programs where mortgage companies could provide instant relief to struggling homeowners – but a conversation is needed.  This campaign is supplemental to a company’s regular outreach efforts.  The goal is to create more conversation in this space so that customers know that there are tools to help them.

We are in the early stages.  Members of the Mortgage Bankers Association, the Consumer Financial Protection Bureau (CFPB), the American Banker’s Association, the Urban Institute Mortgage Collaborative and the Housing Policy Council are part of this campaign and we have also engaged agencies in the housing counseling world too.  Neighborworks America, the National Housing Resource Center, and the National Housing Conference are just some of the entities and counseling agencies that are engaged as part of this effort.  Our goal is to have the vast majority of loan servicers participating, led by the federal agencies.

The message is a good one for any mortgage customer who is experiencing financial stress.  But the industry has really tried to hone in on two populations:  1)  Customers who are behind in their payments, but have not reached out for help and 2) Customers who are in a forbearance plan (a payment relief program) but don’t really understand their options when the payment relief ends.  We have solutions for both groups, but need to talk to the customer to decide the best course of action.

No….this is an extra effort on top of all of the regular outreach.  This effort will be targeted to the small but persistent populations of borrowers who are not in contact with their mortgage company.  Mortgage companies will tell you they are using all the tools they can to try and connect with customers:  emails, phone calls, texts where they can, inserts in their billing statements, snail mail, overnight mail, you name it.  This is an industry wide effort to supplement all the normal outreach.  The marketing image and tagline will be useful in all methods of communication to the borrower.

The goal is to raise awareness and ensure customers who need payment relief, know that programs are available and they know who to call.  This is a Call to Action – to get the word out to those distressed borrowers who need to hear it.

Yes, we hope to but we are really just getting started.  The goal is to provide aggregate statistics that show how many families have been sent this message from all the industry participants.  This is not targeted to delinquent borrowers who are in touch with their servicers but to those borrowers at risk who are not in contact. This is a smaller population of borrowers but it is important we do everything we can to reach them and identify solutions. Our collective goal is to report on the channel and the volume of messages being sent out.

• In most cases yes, all the customer has to do is call their mortgage company or go to the company’s website to look at their options.
• The CARES Act states that any federally-backed mortgage loan is entitled to up to 6 months or 12 months of payment relief, so that’s really the initial effort. Once the payment relief period expires, there are different options to get the loan back on track.
• If the customer needs more information and would prefer a mortgage “coach” to help them work through the options, they can call HUD’s number at 800-569-4287 and by using their zip code, they can find a counselor or coach in their area.
• Another good resource for customers is the CFPB.gov site and their Find a Housing Counselor map that is also zip code driven.
• Whether a customer calls a counselor or their mortgage company, the important piece is that by our creating awareness, distressed borrowers reach out and get the help that is available to them and we avoid a borrower losing their home.

Each mortgage industry participant is paying for their piece of the communications and the artwork and taglines where contributed pro bono from the creative department of a mortgage company.

We will know the program is working if the number of customers who are not in touch with their mortgage company continues to decline.  That’s the goal --- that everyone who needs help, knows what is available to them. 

One of the member company’s creative department got us started with some suggested images and tag lines. Then Neighborworks America hosted some focus groups of consumers and engaged housing advocates to review the materials and provide feedback on what resonated with them.  And then a cross functional subcommittee of the industry participants worked out the final details.  While the group had many options, we settled on the one closest to the consumer focus group feedback. This is all being done voluntarily in the industry.

The message would be that your mortgage company has tools to help you if you are struggling – and consistent with the CARES Act, most of the programs provide streamlined access.  Also, borrowers need to know that if they aren’t comfortable calling their mortgage company and want some support, a HUD Certified housing counselor is just a call away and can help navigate the options – both with the mortgage payment and other financial obligations.  Don’t be afraid to reach out – you may be surprised at how easy it can be to get payment relief. 

A new website has been created covidhelpforhome.org.  Industry partners can go to that site and download the images to use in emails, social media or other communications to their customers. 

CFPB has been instrumental in our efforts and they have authorized their official federal agency logo and seal for this project.  We will also have the additional EEOC fair housing seal on the image so it is clear and adds to the official nature of the outreach.  The lenders, servicers and non-profits will determine the 800 numbers or websites they leverage to insert onto the image.  We have also discussed scammers who may try to take advantage of this message. We are briefing the FTC and the CFPB to be on the look-out for bad actors and inappropriate use of the messages.