NCUA publishes letter to credit unions regarding the end of pandemic-era homeowner protection programs

Today is National Coaches Day!  Be sure to show some appreciation to all of the coaches in your life, whether that’s your kids’ lacrosse coach, your favorite football team’s coach, your personal trainer or business/life coach, your supportive boss or coworker who does a great job of “coaching you up” when you need a pep talk, or even yourself for doing any of those things (or more)!

On September 27, 2021 the NCUA published its most recent Letter to Credit Unions (21-CU-09) regarding how to navigate and understand the end of pandemic-era homeowner protection programs.  The Letter highlights key dates and deadlines, explains how to handle compliance with each, and also includes a helpful FAQ on End of Forbearance and Foreclosure/Eviction Moratorium, aimed toward members.

CARES Act Forbearance – Deadline Extended to September 30, 2021

According to the letter, the CARES Act provided various options to homeowners with federally-backed mortgages, including the “option to temporarily suspend their monthly mortgage payments, with an initial 12 months of forbearance.”  This period was then extended up to 18 months, which ended on September 30th.  Members had until that date to request this assistance.


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