News

Default Reporting of COVID-19 Related Hardships

Reporting

Updates have been made to the Automated Delinquency Report (ADR) and the Mortgage Insurance Loan Activity Report (MILAR) for reporting loans where the borrower has experienced a hardship associated with COVID-19 (National Emergency Declaration).

REASON FOR DEFAULT (RFD) CODE VALUES

For ADR Reporting

RFD Code 12 (previously representing Energy/Environment Costs) will be used for National Emergency Declaration (includes COVID-19 hardship). Energy/Environment costs will now be combined with Over Obligated (Excessive Use of Credit) and reported using RFD Code 08.

For MILAR Reporting (Full Data Set – 169 fields)

RFD Code 12 (previously representing Energy/Environment Costs) will be used for National Emergency Declaration (includes COVID-19 hardship). Energy/Environment costs will now be combined with Over Obligated (Excessive Use of Credit) and reported using RFD Code 08.

Note:  We understand that a COVID-19 related hardship may result in other hardships (e.g., illness, unemployment, curtailment of income, etc.), and we ask that the RFD Code 12 be used for all defaults caused by COVID-19 related hardships instead of the other more specific hardship codes.

WORKOUT PROGRAM NAME (WPN) VALUES

For MILAR Reporting (Minimum Data Set – 39 fields and Full Data Set – 169 fields)

Two New WPN values have been added:

  • National Emergency Forbearance Plan (Code 43)
  • Deferred Payment Plan (Code 44)

Note: There are no changes for loan modification reporting.

ADDITIONAL INFORMATION

Genworth and other MI providers jointly developed these solutions to enable uniformity in reporting and identification of mortgage loans where the borrower has experienced a hardship associated with COVID-19 (National Emergency Declaration) while not resulting in a major systems impact.

Read Servicing Bulletin 2020-3 for full details.