Fannie Mae Announces Updates to Origination and Servicing Policies
Today, Fannie Mae published a Summary of COVID-19 Selling Policies, illustrating the temporary policies put in place in response to COVID-19 and their current status. We also updated Lender Letter LL-2021-03, Impact of COVID-19 on Originations, retiring the COVID-19 temporary requirements for borrowers with qualifying income derived from self-employment provided the most recent federal income tax returns in the loan file are not older than 2020.
In addition, we updated the effective date of upcoming changes described in Lender Letter LL-2021-12, Advance Notice of Changes to Master Servicing Processes and Systems. In our September 2021 announcement, we noted a target date for when Single-Family servicers would no longer be required to advance guaranty fees after an MBS mortgage loan is four consecutive months delinquent. This change is now effective with the June 2022 cash remittance cycle (based on May 2022 loan activity reporting).
For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.