Is Trident Mortgage open for business?
Yes. We are committed to meeting the needs of our customers while ensuring everyone's health and safety during the COVID-19 pandemic. Our company is now working virtually from home which means we are able to continue to take care of our customers’ needs. While there have been many challenges in these difficult times, we are leveraging technology and our team’s experience and know how to get things done.
What if my loan requires an appraisal?
The health and safety of our customers and all parties to our real estate transactions is important to us. Whenever possible, we are taking advantage of alternative appraisal methods including doing drive by appraisals where allowed. However, the availability of these digital tools is on a case by case basis and is driven by the requirements of your loan program and the banks we work with. Rest assured we are making every effort to meet the requirements of your loan while protecting the health and safety of you and the communities we serve.
Will there be any delays in my loan application and closing due to the COVID-19 pandemic?
As we are sure you are aware, almost all state, county and municipal governments are working under heavy restrictions, including in some cases closures or limited hours and staff. Wherever possible, we are taking advantage of the digital resources available online to process your loan applications. However, we do come across situations where additional time may be needed. We will communicate with you throughout this process and keep you updated on any delays we are experiencing.
As for closings, we have established a convenient closing process that allows us to complete the closing with you while minimizing face to face contact between you, our team and any third parties. Again, your health and safety are our primary concern.
What is a “forbearance”?
Forbearance is an agreement between a borrower and a lender to temporarily halt a portion of the payments on a loan. It is not forgiveness of the loan payments but rather a reworking of the due dates on the payments. With a forbearance, you will still have to make any payments that were reworked.
How does forbearance work?
Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period. If you qualify, you and your lender / servicer will discuss the terms, such as:
- The length of forbearance period
- The new, reduced payment amount (if the payment is not suspended)
- The terms of repayment
What is the forbearance program under the CARES Act?
The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains provisions allowing existing homeowners, if their loan is currently a “federally backed mortgage loan”, to request from their lender/servicer a forbearance on their mortgage payments for up to 180 days if they are experiencing financial hardship due directly or indirectly to the COVID-19 pandemic and.
A loan is a “federally backed mortgage loan” covered under the CARES Act if it:
- Is secured by a mortgage or lien on a residential real property (including an individual unit of a condominium or cooperative) that is designed principally for occupancy by 1 to 4 families;
- Has been purchased or securitized by Fannie Mae or Freddie Mac or insured or guaranteed by FHA, VA, or USDA
If after closing I need financial assistance with my mortgage due to COVID-19, what are my options?
If you ARE financially able to make your mortgage payments, then your best option is to make those payments as stated under your loan.
If you are unable to make your mortgage payment because of COVID-19 related financial hardship, you will want to talk with your servicer about potential options available under your situation. The recently passed CARES Act does have certain options related to COVID-19 hardships but is limited to loans that are “federally backed mortgage loans”, as described above.
Until it is transferred by Trident Mortgage to another lender or servicer as part of the sale to or insurance/guarantee by one of the entities above, your loan is not covered by the CARES Act. During this interim period before transfer, Trident Mortgage cannot accept, act upon, or consider a forbearance request as your loan is not covered by the CARES Act.
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Trident Mortgage was able to process several last minute changes related to financing on a recent closing. The changes were integrated seamlessly and the closing occurred without delay.~ R.S.