Q: Is there a morororium on mortgage companies reporting late payments to credit report in 2022?
A:
The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act includes temporary credit reporting protections for certain borrowers with federally-backed loans (mortgages backed by Fannie Mae, Freddie Mac, FHA, VA, and USDA). If you are current at the time you enter into a forbearance plan for a federally-backed mortgage, the mortgage servicer should continue reporting your loan status as “current” to the credit bureaus. Each federal mortgage agency has enacted rules regarding their procedures, whch may differ from each other.
If you do not have a federally-backed loan, you may still request forbearance from your lender or loan servicer. Some companies are granting forbearances, even if the mortgage is not held by FHA, VA, USDA, Fannie Mae or Freddie Mac. However, there is no requirement that lenders grant your forbearance request if your loan is not federally-backed, or not report a delinquency on your credit report.
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