Authorizes state regulated institutions to offer disaster forbearance agreements to qualified mortgagors affected by COVID-19.

The bill authorizes state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the COVID-19 outbreak and is unable to make their mortgage payment. These agreements can be extended for up to 360 days, with no additional documents required from the borrower beyond an affirmation of financial hardship. The forbearance period includes deferment of total arrearages and extension of the loan term without additional interest charges.

Authorizes state regulated institutions to offer disaster forbearance agreements to qualified mortgagors affected by COVID-19.

The bill authorizes state regulated institutions to offer disaster forbearance agreements to qualified mortgagors whose income has been adversely affected by the COVID-19 outbreak and is unable to make their mortgage payment. These agreements can be extended for up to 360 days, with no additional documents required from the borrower beyond an affirmation of financial hardship. The forbearance period includes deferment of total arrearages and extension of the loan term without additional interest charges.