This bonus episode of Borne the Battle features Army Veteran and Assistant Director of the Consumer Financial Protection Bureau (CFPB) Office of Service Member Affairs Jim Rice and Assistant Director of the CFPB Office of Mortgage Markets Mark McArdle. Rice and McArdle break down home loan protections in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Leading off, Rice and McArdle discuss forbearance, which is the pausing, suspension or reduction of mortgage payments for a limited period of time. The CARES Act requires all federally backed loans to offer forbearance periods of 180 days due to COVID-19 hardship. Deadlines to request an initial forbearance for some mortgages were extended to February 28, 2021. The deadline to request forbearance on a VA home loan is April 1, 2021.
Rice served in the Army for over 30 years. He began his career as an enlisted medic, then served in the Army National Guard while completing his degree at the University of Wisconsin-Milwaukee. After graduating, he served as a medical evacuation officer in the Army Medical Service Corps and was the first Army Medical Department officer to command both a battalion and brigade in Operation Iraqi Freedom. He then served as the Director of the Army Wounded Warrior Program and Chief of the Health Services Division on the Joint Staff before his retirement.
As Assistant Director of the Office of Mortgage Markets, McArdle continues his career in the housing industry. He is a graduate of the University of Wisconsin and held positions in nonprofit and government organizations in Chicago, New York and Washington, D.C. He worked for the U.S. Department of the Treasury in multiple capacities, including the offices of Financial Stability and Homeownership Preservation. In the latter, he directed the Hardest Hit Fund, which strove to prevent foreclosures across the nation.
In this bonus episode, McArdle and Rice provide answers to questions regarding homeownership, borrowing, forbearance, VA Loans and complaint filing during the coronavirus pandemic. They explain how the CARES Act can benefit homeowners who are facing financial difficulty and give tips on financial decision-making during the pandemic.
Some of the answered questions include:
- What is a forbearance and how can it help borrowers during the pandemic?
- Is it too late to request a forbearance?
- Are you required to give any reasoning or additional documentation beyond COVID-19-related difficulties to receive a forbearance?
- When and how do you have to pay back missed or deferred payments under the CARES Act?
- What should Veterans be aware of during their forbearance period?
- Are there any extra protections that a VA Loan can offer?
- How can a Veteran make a mortgage complaint and get a timely answer?
- Where else can Veterans find resources regarding the CARES Act?
- CFPB – Help for homeowners and renters during the national coronavirus emergency
- Managing your finances during the coronavirus pandemic – Video playlist
- Protecting your finances during the coronavirus pandemic
- What’s in the 2020 CARES Act?
- VA Housing Assistance
- Interest Rate Reduction Refinance Loan (IRRRL)
- HUD CARES Act Forbearance Fact Sheet
Jana Jenkins is a podcast intern with VA’s Digital Media Engagement Team. She is an undergraduate Communication student at the College of Saint Benedict.