Fannie Mae Extends Temporary Selling and Appraisal Policies

Fannie Mae updated three Lender Letters today to its single-family sellers communicating temporary policies in response to the COVID-19 emergency.

• LL-2020-03, Impact of COVID-19 on Originations, has been updated to extend application dates to December 31, 2020 for verbal verifications of employment and power of attorney flexibilities. In addition, requirements for borrowers using self-employment income to qualify have been updated.
• LL-2020-04, Impact of COVID-19 on Appraisals, has been updated to extend the temporary policies to loans with application dates on or before December 31, 2020, unless otherwise noted.
• LL-2020-06, Selling Loans in Forbearance due to COVID-19, has been updated to extend eligible note dates to December 31, 2020 and delivery to February 28, 2021.

For additional details view the Lender Letters or visit our COVID-19 Investor Resources webpage.