On June 11, 2020, Fannie Mae and Freddie Mac updated their selling FAQs to address the sale of loans in a forbearance because of a COVID-19 financial hardship. ...more
On June 10, 2020, Fannie Mae in updates to Lender Letters 2020-03, 2020-04, and 2020-06 and Freddie Mac in Bulletin 2020-23 extend temporary COVID-19 origination guidance....more
On June 10, 2020 Fannie Mae in Lender Letter 2020-09 and Freddie Mac in Bulletin 2020-21 announced the servicer incentive for their previously announced COVID-19 payment deferral, and temporary updates to other servicer...more
On June 5, 2020, New York Senate Bill S8243C was delivered to Governor Andrew Cuomo and, if signed, will be effective immediately. The bill provides for expanded COVID-19 forbearance relief options dating back to March 7,...more
On May 29, 2020, Fannie Mae and Freddie Mac updated their COVID-19 FAQs related to the servicing of mortgage loans. The FAQs cover various topics addressed in the agencies’ more recent updates to their COVID-19 servicing...more
On May 28, 2020, Fannie Mae in updates to Lender Letter 2020-03 and Lender Letter 2020-04 and Freddie Mac in Bulletin 2020-19 updated their temporary origination requirements based on COVID-19....more
As previously reported Fannie Mae in an update to Lender Letter 2020-03 and Freddie Mac in Bulletin 2020-17 announced temporary eligibility requirements for new purchase and refinance transactions involving borrowers affected...more
As previously reported, on April 22, 2020, Fannie Mae and Freddie Mac addressed the temporary eligibility for the sale of mortgage loans in a COVID-19 forbearance....more
On May 19, 2020, Fannie Mae in an update to Lender Letter 2020-03 and Freddie Mac in Bulletin 2020-17 announced temporary eligibility requirements for new purchase and refinance transactions involving borrowers affected by...more
On May 14, 2020, Fannie Mae in an update to Lender Letter 2020-02, Freddie Mac in Bulletin 2020-16, and the U.S. Department of Housing and Urban Development (HUD) in Mortgagee Letter 2020-13 extended their foreclosure...more
On May 13, 2020, Fannie Mae in Lender Letter 2020-07 and Freddie Mac in Bulletin 2020-15 announce a COVID-19 payment deferral that was developed at the direction of the Federal Housing Finance Agency. Servicers may begin to...more
In conjunction with the May 5, 2020 update to and extension of their temporary origination and appraisal guidance, Fannie Mae and Freddie Mac updated their COVID-19 FAQs....more
On May 5, 2020 Fannie Mae updated Lender Letter 2020-03 and Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-14, to update and extend temporary origination and appraisal guidance based on COVID-19. The Freddie Mac...more
On April 29, 2020, Fannie Mae updated Lender Letter 2020-02 to address the announcement by the Federal Housing Finance Agency (FHFA) that it was aligning the mortgage servicer advance requirements of Fannie Mae with those of...more
On April 27, 2020, Fannie Mae and Freddie Mac each issued statements making clear that borrowers in forbearance with their Fannie Mae and Freddie Mac loans because of a COVID-19 related financial hardship will not have to pay...more
On April 22, 2020 Fannie Mae in Lender Letter 2020-06 and Freddie Mac in Bulletin 2020-12 address the temporary eligibility for sale of mortgage loans in a COVID-19 forbearance. ...more
As expected by the mortgage industry, due to COVID-19, Fannie Mae and Freddie Mac have extended the mandatory implementation date for the redesigned Uniform Residential Loan Application (URLA) and the updated automated...more
On April 14, 2020, Fannie Mae again updated Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-11 to further revise their guidelines regarding mortgage loan originations in view of COVID-19 with regard to appraisals...more
On April 8, 2020, Fannie Mae, in an update to Lender Letter 2020-02, and Freddie Mac, in Bulletin 2020-10, announced updates to their temporary servicing guidance due to COVID-19. ...more
The CARES Act permits borrowers with federally backed residential mortgage loans to request a forbearance from making payments for up to 180 days, with the ability to request an extension for an additional 180-day period. The...more
On March 25, 2020, Fannie Mae and Freddie Mac updated their servicing requirements and relief related to the COVID-19 crisis. Fannie Mae updated Lender Letter 2020-02, and Freddie Mac issued Bulletin 2020-7....more
On March 25, 2020, Fannie Mae and Freddie Mac announced a new payment deferral loss mitigation option. The Fannie Mae announcement is in Lender Letter 2020-05, and the Freddie Mac announcement is in Bulletin 2020-6 and a...more
In response to COVID-19 developments, Fannie Mae and Freddie Mac have issued guidance regarding verifications of employment (VOEs), income continuity, appraisals, title policies, and other matters. The Fannie Mae guidance is...more
As previously reported, on March 18, 2020, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions in connection with single-family mortgages for at least 60 days, and...more
On March 18, 2020, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions in connection with single-family mortgages for at least 60 days....more