The Community Preservation Company (CPC), a nonprofit multifamily housing finance company, has launched a mortgage forbearance and loss mitigation platform in anticipation of a surge in forbearance requests.
In light of the coronavirus crisis, CPC has prepared to offer mortgage relief to the more than 3,000 loans it services.
"COVID-19 has created new challenges for the housing industry on a national scale. As millions of people have lost their jobs and ability to pay rent, many owners are struggling to maintain their buildings and pay their taxes, mortgages, and other obligations," said Rafael Cestero, president and CEO of CPC. "Our hope is that this platform will make the transition into forbearance easier for everyone, and eliminate some of the stress and difficulties in these trying times."
CPC has partnered with tech company Unqork and tax advisory firm KPMG to create a platform that manages borrowers' forbearance applications, as well as the process of reviewing, tracking, and approving of those requests.
"The need for institutions to react quickly has never been more important," said Gary Hoberman, CEO and founder of Unqork. "I'm exceptionally proud of the way CPC, KPMG, and Unqork came together to deliver an intuitive application that helps people easily transition to forbearance. In times like these, it's important that technology 'just works' and allows people to get back to their lives – and this application does just that."