A new program designed to make it easier for people to pay off their mortgages has earned a top rating from the Federal Reserve.
The $2.3 million program, dubbed “the script,” uses a simple script to track the progress of a borrower’s monthly mortgage payments and allows borrowers to send payments to the government’s Federal Housing Administration.
The program was created by the Federal Housing Finance Agency to help borrowers who are struggling to make payments on their mortgage.
The FHFA says the program is part of a broader effort to make mortgages more affordable for borrowers.
The agency says the “script” can be used by anyone to pay for a $2 million mortgage on an average home in the U.S.
It’s been downloaded more than 500,000 times.
The mortgage program has been in use since 2015 and has been credited with helping thousands of borrowers, including more than 50,000 homeowners who received a payment in November.