Forbearance word from wooden letters. Source: Adobe Stock

In-house mortgage loan servicing is an important revenue source for credit unions and an excellent way to provide the exceptional member service required to earn loyalty. Mortgage servicers must comply with changing regulatory requirements while meeting members’ needs. Mortgage servicing software and web applications help credit union servicers meet forbearance-related servicing requirements.

As credit unions move into 2022, they must develop new processes and programs to assist members impacted by the COVID-19 pandemic. Since the disease struck in early 2020, 9.3 million mortgages were in forbearance at some point, allowing homeowners to pause their mortgage payments for up to 18 months. Most people have exited forbearance, but 1.4 million homeowners were still in forbearance as of Sept. 26, 2021.

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