Is caliber loans accepting loan modification application

During these unprecedented times, we are all impacted by COVID-19 in some way. We hope that you, your family, friends, and colleagues are safe and well, and taking the necessary precautions to stay that way.

Existing Customers

If you can make your mortgage payment, please continue to do so.

If you have been impacted by COVID-19 and are unable to make your payment or are concerned about your future ability to do so, start by going to our Sign-in page. There, you can properly identify your loan servicing team, access information about your account, and identify options that may be available to assist you.

We’re here to help answer questions, including those about payment options in the context of COVID-19. Available options will depend upon the type of loan a customer has and other factors that must be considered on a case-by-case basis.

Customers should not stop making mortgage payments until they have been approved for an alternate plan. These are not payment forgiveness programs. They will require any paused payments to be repaid in full at the end of the program completion.

Mortgage Terminology

Caliber wants our customers to stay in their homes and we will work with each affected customer to determine the best options to support that goal. Here, we share some common terminology to enhance your understanding of loss mitigation programs (plans that may allow customers to modify payments).

Forbearance: A program under which the customer temporarily pauses paying on a mortgage or temporarily pays at a reduced rate. The customer will be responsible to repay any missed payments after the forbearance period (either in lump sum or in adjusted payment amounts over a period of time). What happens at the end of the forbearance period? You will need to discuss with your servicing team the options available to you as next steps. These may include:

• • Forbearance Continuation – An additional number of months during which payments are paused or reduced.
  • Reinstatement – When the borrower brings a loan current in single payment.
  • Repayment Plan – A way to pay back a loan over an extended period of time, generally by making fixed monthly payments (in addition to the regular loan amount due).
  • Loan Modification – A change made to the terms of an existing loan. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.
  • Deferment – A period of time during which a customer does not have to pay interest or principal on their loan. The principal and interest might be added to the end of the loan in the form of a lump sum balloon payment or the maturity date of the loan might be extended by the number of months that have been deferred.

  Role of the Mortgage Servicer

  In most cases, mortgage loans are owned by a government agency or other investor, and mortgage servicers are responsible for collecting payments, sending funds to the owners/investors, and managing escrow accounts – among other services. Options available to customers who are unable to make payments are governed by the owners/investors and in most cases are not within the discretion of servicers.

  New or Refinance Loans in process

  If you applied for a loan with Caliber and have not yet closed, you should continue working with the same Loan Advisor you have to this point via email, phone, etc.

  We appreciate the trust you place in Caliber and our teams all across the country. Thank you for being part of the Caliber family!