Millions of homeowners will likely be adversely impacted by COVID-19. Before the pandemic the delinquency rate in the US was about 3.5 percent. Now economists are forecasting that as many as 30 percent of Americans with home mortgages, or 15 30% of Americans million households, could need assistance in the form of a forbearance or modification1. with home loans As a result, federally-backed mortgage programs (FNMA, Freddie, could need FHA, VA, USDA) are introducing forbearance and payment deferment that will provide immediate relief to homeowners assistance in the with mortgages insured under their programs. Borrowers will bepermitted to request 180-day forbearance with the option to extend it by an additional 180 days2. form of forbearance or modification. 3 COVID-19: Implications and next steps for lenders