The Trump administration is considering a plan to allow homeowners whose income was cut by the coronavirus to delay mortgage payments. Still to be decided is a mechanism for borrowers to catch up.

The government also will have to determine how to advance money to mortgage servicers so that investors in mortgage-backed securities get their guaranteed payments. “Tens of billions” in short-term financing may be needed, said Michael Fratantoni, chief economist at the Mortgage Bankers Association.

“This is so big,” Fratantoni said. “We’re thinking of the potential of several months of payments for a lot of homeowners.”

The White House has been in touch with mortgage lenders to discuss their views on policy responses, according to an official who requested anonymity to speak about internal matters.The proposal could follow the model of previous forbearance programs after critical disasters, he said. Other real estate-related trade groups also are involved in the discussions.

The plan would likely have to be consistent for all mortgages, from Fannie Mae and Freddie Mac to the Federal Housing Administration, he said. Whether the loan terms would be stretched out or borrowers will have balloon payments, among other options, hasn’t been determined.