As private-label residential mortgage-backed security (PLS) transactions implement loan payment forbearance options for borrowers impacted by COVID-19, the PLS industry must demonstrate its capacity to self-govern by collaborating on a related set of uniform structural best practices. Accomplishing this will evidence PLS's responsible evolution since the Great Recession. Failure to meet the challenge at this moment of greatest need might just be enough to evidence that PLS is not ready to reassume a meaningful role in the housing finance system.