With some Americans experiencing difficulties paying their mortgage due to COVID-19, the American Bankers Association yesterday joined a broad coalition of mortgage industry stakeholders and consumer groups to launch a new national campaign to help raise awareness about consumers’ forbearance options. This effort is intended to augment the successful outreach efforts already underway by mortgage servicers and housing counseling groups nationwide and is supported by the Consumer Financial Protection Bureau.
As part of the ‘COVID Help For Home’ campaign, ABA is making creative materials available to member banks to help them reach borrowers who may have missed one or more mortgage payments due to the pandemic and who may be eligible for assistance under the CARES Act or other mortgage payment relief. The national ad campaign also targets borrowers whose forbearance plans are ending and may need to request an extension or additional assistance. Banks participating in the campaign can access a downloadable toolkit that includes customizable communications materials and templates that can be adapted for social media and other advertising platforms.
“The COVID-19 pandemic has caused financial stress for millions of individuals and families across the country, and America’s banks are here to help,” said ABA President and CEO Rob Nichols. “ABA is pleased to join this broad coalition of partners in this campaign to let distressed borrowers know that there is help for those struggling to pay their mortgage.”