GA REALCAST with Maura Neill
GARealcast: The CARES Act and Mortgage Forbearance - What You Need to Know to Help Your Clients
Today’s episode focuses on another timely and much-discussed topic – one that I’m sure you’ve been hearing and reading about in the media, on the news, on social media, and perhaps even in your conversations in office sales meetings and with your clients. We’re talking about mortgage forbearance in the time of COVID-19, and we're seeking to separate myth from fact.
A very real consequence of the Sheltering-in-Place and quarantining across the country has been a financial one. With mandatory shut-down of businesses and essential vs. not essential classifications, as well as unemployment and furloughs, comes financial strain, and for homeowners that can mean the inability to pay their mortgage. The CARES Act has put some very specific provisions in place regarding mortgage forbearance, and here to talk with us today are Susan Stewart, CEO of SWBC Mortgage Corporation and Chair-Elect of the Mortgage Banker's Association, as well as Georgia’s own Rebecca King, loan officer and branch manager of the Blairsville, Georgia, SWBC Mortgage Corp location.
Does Fannie Mae or Freddie Mac Own Your Client's Mortgage? https://www.makinghomeaffordable.gov/get-answers/Pages/get-answers-find-out-mortgage.aspx
-- Look Up Your Fannie Mae Mortgage: https://www.knowyouroptions.com/loanlookup
-- Look Up Your Freddie Mac Mortgage: https://ww3.freddiemac.com/loanlookup/
NAR's Coronavirus Resources for Property Owners: https://www.nar.realtor/coronavirus-resources-for-property-owners
-- Printable Version of the Above For Your Clients: https://narfocus.com/billdatabase/clientfiles/172/28/3581.pdf
NAR's Coronavirus Mortgage & Personal Finance FAQs: https://www.nar.realtor/political-advocacy/coronavirus-mortgage-and-personal-finance-faqs
NAR's Coronavirus Provisions for REALTORS® and Their Consumers: https://narfocus.com/billdatabase/clientfiles/172/21/3613.pdf (printable)
CFPB: CARES Act Mortgage Forbearance - What You Need to Know: https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/
REALTOR® Magazine: "As Forbearances Requests Rise, NAR Dispels Myths: https://magazine.realtor/daily-news/2020/04/08/as-forbearance-requests-rise-nar-dispels-myths
SUSAN STEWART: Susan Stewart is the Chairman-Elect of the MBA and Chief Executive Officer of SWBC Mortgage headquartered in San Antonio, TX. Stewart’s visionary leadership has been the catalyst behind the company growing from 3 employees serving the Texas market to more than 650 employees in over 70 branch locations. Under her unwavering focus, SWBC Mortgage has grown from a small regional broker to a national industry leader, providing a full-service origination-to-servicing experience for borrowers in 43 states. Stewart leads a team that leverages cutting- edge technology, delivering industry-leading speed and service while providing a personal, experienced touch to the dream of home ownership.
Stewart currently serves as a member of the MBA’s Board of Directors and is past Vice Chair of the MBA’s Residential Board of Governors (RESBOG). She and SWBC Mortgage are committed to making the communities they serve brighter, more hope-filled places, and to that end she serves on the board of the MBA Opens Doors Foundation. Both Stewart and SWBC Mortgage have been recognized personally and corporately as Guardian level donors to the Opens Doors Foundation.
REBECCA KING: My career in Banking led me to work with banks both large and small local banks in Management, Commercial and Retail lending. I was serving as Senior Vice President and City Executive for Bank of Hiawassee in 2008 -2014. After the downturn, I chose to leave traditional banking and focus on mortgage lending – which had always been my true passion – helping people obtain the dream of homeownership. I joined Corridor Mortgage group in 2014 opening a branch in Blairsville. Corridor joined with SWBC mortgage in October 2018 – a move that has given us many more products and the capability to better serve our clients and REALTOR® partners.