Fannie Mae Provides Additional Details on the RefiNow Option
Today, Fannie Mae updated its Lender Letter LL-2021-10, Introduction of the RefiNow™ Option communicating changes to its single-family sellers including:
- Permitting borrowers who have resolved missed payments due to a COVID-19 forbearance in accordance with the temporary eligibility requirements for purchases and refinances in LL-2021-03 to be eligible for a new RefiNow transaction.
- Allowing existing subordinate financing to be simultaneously refinanced as part of a RefiNow transaction, provided certain requirements are met.
We are providing updated analysis that attempts to estimate the size of the potentially eligible loan population, based on various assumptions. Data provided in this analysis is an estimate of loans currently in Fannie Mae MBS pools as of May 31, 2021 that may be potentially eligible for RefiNow based on various assumption as outlined in the document.
For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.