Fannie Mae and Freddie Mac Extend Eligibility for Sale of Loans in COVID-19 Forbearance

Ballard Spahr LLP
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Ballard Spahr LLP

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. Among the various original requirements for eligibility for sale, Fannie Mae and Freddie Mac required that a loan in forbearance have a note date on or after February 1, 2020, and on or before May 31, 2020. On May 19, 2020 Fannie Mae in an update to Lender Letter 2020-06 and Freddie Mac in Bulletin 2020-17 extended the eligible note date until June 30, 2020. The agencies also updated the submission or settlement date timeframes outlined in the original guidance.

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