Wednesday March 18th, 2020

Nevada Congressional Delegation Calls on Mortgage Industry to Implement Relief for Homeowners Impacted by COVID-19

Washington, D.C. – As Nevada’s workforce braces for the impact of the coronavirus pandemic, U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) – along with U.S. Representatives Dina Titus (D-Nev.-01), Mark Amodei (R-Nev.-02), Steven Horsford (D-Nev.-04), and Susie Lee (D-Nev.-03) – urged mortgage industry leaders to implement relief for homeowners affected by the outbreak. In a letter, Nevada’s congressional delegation called on mortgage lenders to work with struggling homeowners to reach solutions, including forbearance and loan modifications, that keep people in their homes.

“[W]e write to you today to ask that your organizations do whatever they can to ease the burdens that may be faced by patients, employees, and their families who are impacted by the COVID-19 pandemic. Importantly, should the issue arise, we would ask that you not initiate or finalize any legal foreclosure proceedings that would lead to a patient, impacted individual, or their family’s eviction during the pandemic,” wrote the members of Congress. 

They continued, “Individuals recovering from COVID-19, or those who are impacted by the virus’s effect on the economy should not have to worry about foreclosures, late fees, negative credit reports, or any other financial burdens that may exacerbate the tremendous stress caused by this pandemic.”

Full text of the letter can be found here and below:

To Leaders in the Mortgage Industry:

As leaders in the mortgage industry, we ask that you do everything in your power to assist individuals and families in Nevada who are impacted by the recent pandemic of COVID-19. As Nevadans may face reduced hours, layoffs, social distancing, and quarantines, they may also encounter substantial financial burdens. 

As you are aware, COVID-19 has rapidly spread across the country. According to the Centers for Disease Control and Prevention (CDC), the United States has more than 3,000 cases with at least 60 total deaths. In Nevada alone, officials have reported at least 26 new cases statewide. In an effort to respond to the spread, industries across Nevada have closed their operations. MGM Resorts International ceased all Las Vegas operations on March 17, while Wynn Resorts closed their properties on March 17. Our offices have also heard from small business owners across the state that are facing cash flow issues and may need to reduce hours or lay off employees. We are concerned about these closures’ impact on workers who may have a mortgage or other loan payments.

With that in mind, we write to you today to ask that your organizations do whatever they can to ease the burdens that may be faced by patients, employees, and their families who are impacted by the COVID-19 pandemic. Importantly, should the issue arise, we would ask that you not initiate or finalize any legal foreclosure proceedings that would lead to a patient, impacted individual, or their family’s eviction during the pandemic.

If individuals have difficulty with future mortgage or other loan payments, we ask that you would work with those individuals to offer tailored solutions, which could include waiving fees and penalties or offering forbearance plans and loan modifications to help ensure that their financial wellbeing is taken care of. We also ask that you consider offering assistance that would allow homeowners to remain in their homes after the economic shock is over. Many individuals impacted by COVID-19 may not be able to obtain documentation from employers who are closed, or have access to information and resources due to closure of businesses and services. Therefore, we ask that you streamline documentation requests and paperwork burdens for any impacted borrowers and dedicate additional staff to process any requests from patients, impacted individuals, and their families. 

Individuals recovering from COVID-19, or those who are impacted by the virus’s effect on the economy should not have to worry about foreclosures, late fees, negative credit reports, or any other financial burdens that may exacerbate the tremendous stress caused by this pandemic. We appreciate your attention to these matters and your support for the wider Nevada community.

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