Servicers are working hard to help homeowners stay in their homes. With the unfamiliar landscape of COVID-19 and the financial impact it has had on millions of homeowners, Fannie Mae is here to help. Whether your homeowners have missed mortgage payments or are in a mortgage forbearance plan due to a COVID-19-related hardship, you can have confidence in us for reliable information and training materials.
If your customer is in a mortgage forbearance plan, you’ll be communicating with them approximately 30 days before the forbearance period ends to discuss next steps and options. You can look to Fannie Mae for guidance on after-forbearance options for your customers, including mortgage reinstatement, a repayment plan, a COVID-19 payment deferral, or a loan modification.
Spotlight on key resources:
In our Homeowner Retention Options Online Learning series, you’ll find all the retention workout options in the Fannie Mae workout hierarchy. This educational resource can help you understand what’s available and pair the homeowner’s hardship and eligibility with the right workout solution.
The recently announced COVID-19 payment deferral option is available for eligible homeowners who either were on a COVID-19 related forbearance plan, or who have experienced a financial hardship resulting from COVID-19. If a homeowner’s financial hardship is resolved and they are able to resume their regular monthly mortgage payment, they can do so and add the missed amount to the end of their mortgage term. In our Payment Deferral and COVID-19 Payment Deferral Matrix, you’ll find a side-by-side comparison of the new payment deferral and COVID-19 payment deferral options. It’s a resource to help mortgage servicers determine whether a homeowner qualifies for COVID-19 payment deferral.
For a deeper dive into the investor reporting and remitting requirements related to the payment deferral and COVID-19 payment deferral workout options, here’s a replay of a recent webinar (Fannie Mae Connect credentials required). Listen to the latest guidance and information as well as questions from other servicers who are implementing these new workout options.
More COVID-19 resources:
Find more training resources for the newly available COVID-19 payment deferral program, forbearance plans, and after-forbearance options on our Learning Center page. It’s your one-stop destination for reliable education, training, and tools to support you as you assist customers through and beyond this economic climate.
Together, we can help our customers impacted by COVID-19.