Implementation of Automatic Forbearance Extensions

Cenlar is committed to making Quality Right Party Contact (QRPC) in the final month of forbearance so that borrowers clearly understand their options, regardless of whether their financial hardship has been resolved. If we are unable to connect with borrowers during this time period, Cenlar will automatically process a 30-day extension of the forbearance in circumstances as indicated below. 

• Cenlar will process 30-day extensions, up to 180 total days of forbearance, except for loans in which no delinquent payments are due. For borrowers who have already requested an extension beyond the original 180-day period, we will follow the same 30-day auto extension approach for the 2^nd 180-day period.  
• Cenlar will communicate to borrowers via email and/or letter to confirm their forbearance status as well as pursue phone contact.
• Cenlar will suppress negative credit reporting (for 60 days) for loans not auto-extended. We will resume all other fees and activity that had been suppressed while under active forbearance, notwithstanding whether the borrower is eligible to request another extension or chooses to resolve the forbearance via deferment, partial claim or modification.

We believe automatic extension is in everyone’s best interest until we are able to ascertain borrower capabilities.