Fannie Mae Updates Temporary Servicing Policies in Response to COVID-19
Fannie Mae updated Lender Letter LL-2020-02 to its single-family servicers communicating temporary policies in response to the COVID-19 national emergency.
In response to the enactment of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") on March 27, we are updating certain servicing requirements and reminding servicers of their responsibility to comply with law.
The updates impact the following sections:
- Attempting to establish QRPC
- Forbearance plan terms
- Evaluating the borrower for a payment deferral or mortgage loan modification after a forbearance plan
- Credit bureau reporting
- Suspension of foreclosure activities and certain bankruptcy requirements
Learn more about what Fannie Mae is doing in response to the COVID-19 emergency on the Our Approach page.