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Warwick, R.I. (May 11, 2020) – The Rhode Island Mortgage Bankers Association is pleased to announce that a new national consumer ad campaign has been launched to help consumers facing financial hardships as a result of the COVID-19 pandemic.
The ads also explain how the mortgage industry is working to assist consumers amid these economic difficulties.
The ads are running in Politico, USA Today, and the Washington Post. Information for consumers can also be viewed on www.mba.org/consumerinfo. The Rhode Island Mortgage Bankers Association encourages Rhode Islanders to visit this site and learn what they can do to mitigate the financial effects of the coronavirus pandemic.
The newly launched site includes informational videos, background information on forbearances, and an explanation of how federal legislation might help. It also has a list of questions borrowers should ask their loan servicer and links to additional resources from federal agencies, such as the Consumer Financial Protection Bureau and the Federal Housing Administration.
It also warns consumers to be careful of coronavirus scams. “Be on the lookout for scams and scammers looking to take advantage of consumers affected by the coronavirus,” the MBA site says. “You might receive fraudulent calls, emails, text messages or other ‘offers’ to help you reduce or stop your mortgage payments. Make sure you are working directly with your mortgage servicer.”
The pandemic has led to financial hardship for millions of homeowners. As of April 19, almost 7 percent—or 3.5 million—of borrowers nationwide were in forbearance. Many of those mortgages will now need to be modified. This initiative will make that process easier for all borrowers, including those in Rhode Island.
About Rhode Island Mortgage Bankers Association
The Rhode Island Mortgage Bankers Association is dedicated to promoting and sustaining responsible home lending in Rhode Island. The mortgage association has over 90 corporate members, which represent thousands of mortgage lenders throughout the state who help businesses and people secure mortgages. As part of its overarching plan to create a better housing market, RIMBA regularly promotes educational initiatives, addresses legislative challenges, and strives to cultivate membership growth. For more information about RIMBA, visit: rimba.org.