If the borrower has entered a repayment plan or other loss mitigation solution described in Lender Letter LL-2020-03, must the required three timely payments be consecutive?
Yes. Regardless of the loss mitigation solution, the borrower must make three consecutive payments to be eligible for the new transaction. If a borrower misses one or more of the three required payments, the loan is not eligible and the borrower should contact their mortgage loan servicer to discuss an appropriate loss mitigation solution.
For more information, refer to the published Lender Letter LL-2020-03, Impact of COVID-19 on Originations.