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12.2.7.3 Credit Reporting and Late Charges

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Suspension of credit reporting applies only in the context of forbearance or a repayment plan. The HB-1-3555 Handbook states that a servicer “should take appropriate steps to mitigate the credit impact for a borrower for whom a forbearance or repayment plan is extended due to disaster-related circumstances.”242

Suspension of late charges also applies only in the context of forbearance or a repayment plan. The HB-1-3555 Handbook states: “Late charges while the borrower is on a forbearance plan, or paying as agreed on a repayment plan, should not be assessed.”243

Footnotes

  • 242 See U.S. Dep’t of Agriculture, Rural Development, SFH Guaranteed Loan Program Technical Handbook HB-1-3555, § 18.14, Special Relief Measures.

  • 243 See U.S. Dep’t of Agriculture, Rural Development, SFH Guaranteed Loan Program Technical Handbook HB-1-3555, § 18.14, Special Relief Measures.