Between the Great Recession and the COVID-19 pandemic, much has been learned about loss mitigation tools and their effectiveness in helping homeowners, mortgage servicers, and the housing finance industry navigate major hardships and crises. When someone loses their home, it is often because something in their life has gone wrong, like unemployment, divorce, illness, or the death of a borrower or coborrower. Through the pandemic, 8 million households took advantage of forbearance, which allowed struggling borrowers to temporarily suspend their mortgage payments because of a hardship. Recent data indicate the Coronavirus, Aid, Relief, and Economic Security Act likely prevented a large wave of foreclosures, aided by ultra-low mortgage rates. Many homeowners reduced monthly payments by refinancing to a lower rate; others struggling at the end of forbearance became eligible for loan modifications where the servicer reduced the rate, extended the loan term, reduced the interest-bearing principal, or provided a combination of these options. But with mortgage interest rates rising over the last year, new, long-term solutions should be explored to enable relief for homeowners who might struggle in the next downturn. Panelists in this virtual event will explore what the future of loss mitigation can look like and present options for policymakers on how to keep borrowers in their homes when they experience unforeseen hardships.