This bonus episode of Borne the Battle stars a veteran of the military and a deputy director of the Consumer Financial Protection Bureau (CFPB) Membership Affairs Office Jim Rice and Deputy Director of CFPB Mortgage Markets Office Mark McArdle. Rice and McArdle break down mortgage protections in the Aid, relief and economic security against coronaviruses (CARES) Act.

First, Rice and McArdle discuss forbearance, which is the suspension, suspension or reduction of mortgage payments for a limited period of time. The CARES Act requires all federally guaranteed loans to offer 180-day forbearance periods due to COVID-19 hardship. The deadlines for applying for initial forbearance on certain mortgages have been extended until February 28, 2021. The deadline for applying for forbearance on a VA home loan is April 1, 2021.

Rice served in the military for over 30 years. He began his career as an enlisted medic, then served in the Army National Guard while completing his degree at the University of Wisconsin-Milwaukee. After graduation, he served as a medical evacuation officer in the Army Medical Services Corps and was the first Army Medical Department officer to command both a battalion and a brigade in support of Operation Iraqi Freedom. He then held the post of director of the Army Wounded Warriors Program and Chief of the Health Services Division at the Joint Chiefs of Staff before his retirement.

As Deputy Director of the Office of Mortgage Markets, McArdle continues his career in the housing industry. He is a graduate of the University of Wisconsin and has held positions in nonprofit and government organizations in Chicago, New York, and Washington, DC. He has worked for the US Department of the Treasury in a number of capacities, including office financial stability and preservation of home ownership. In the latter, he led the Hardest Hit Fund, which worked to prevent foreclosures across the country.

In this bonus episode, McArdle and Rice answer questions about homeownership, borrowing, forbearance, VA loans and filing a complaint during the coronavirus pandemic. They explain how the CARES Act can benefit homeowners facing financial hardship and provide advice on making financial decisions during the pandemic.

Some of the questions answered include:

• What is forbearance and how can it help borrowers during the pandemic?
• Is it too late to ask for an abstention?
• Do you need to provide additional reasoning or documentation beyond the difficulties associated with COVID-19 to receive a forbearance?
• When and how should you repay missed or deferred payments under the CARES Act?
• What should veterans be aware of during their inactive period?
• Are there any additional protections that a VA loan can offer?
• How can a veteran file a mortgage complaint and get a timely response?
• Where can Veterans find resources regarding the CARES Act?

Additional Resources:

Jana Jenkins is a podcast intern with VA’s Digital Media Engagement team. She is an undergraduate student in communication at the College of Saint Benedict.