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When a mortgagor is on a SFB Agreement (Special Provision Type 1) due to unemployment, what is the process that a mortgagee is supposed to conduct when the unemployed mortgagor becomes employed?

April 26, 2017Agreement mortgagee mortgagor process sfb special type unemployment

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When a mortgagor is on a SFB Agreement (Special Provision Type 1) due to unemployment, what is the process that a mortgagee is supposed to conduct when the unemployed mortgagor becomes employed?

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When a mortgagee enters into a SFB Agreement (Special Provision Type 1) with a mortgagor whose continued unemployment is the cause of the default, the mortgagee must document the mortgagor’s employment status monthly and adjust the terms of the plan to reflect changes in income.