Fannie Mae Communicates Temporary Selling Policies for Borrowers Impacted by COVID-19
Today, Fannie Mae released Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, to its single-family sellers communicating temporary policies in response to the COVID-19 national emergency.
The Lender Letter provides information about the following:
- Verbal verification of employment
- Continuity of income
- Submission of financial statements and reports
- Notes, electronic records, and signatures
- Title insurance
- Business continuity plans
These temporary flexibilities are effective immediately for all loans in process and remain in place for loans with application dates on or before May 17, 2020.
Learn more about what Fannie Mae is doing in response to the COVID-19 emergency on the Our Approach page.