Fannie Mae Updates Lender Letters Extending Effective Dates of Certain Selling/Servicing Activities
August 27, 2020
Today, Fannie Mae updated eight lender letters:
- LL-2020-02, Impact of COVID-19 on Servicing further extends the suspension of foreclosure-related activities through Dec. 31, 2020.
- LL-2020-03, Impact of COVID-19 on Originations and LL-2020-04, Impact of COVID-19 on Appraisals have been updated to extend the temporary policies to loans with application dates on or before September 30, 2020, unless otherwise noted.
- LL-2020-06, Selling Loans in Forbearance has been updated to extend eligible note dates to September 30, 2020 and delivery to November 30, 2020.
- LL-2020-05, Payment Deferral and LL-2020-07, COVID-19 Payment Deferral incorporate minor revisions to better clarify the intent of certain requirements in response to servicer inquiries.
- LL-2020-11, Disaster Payment Deferral updates the authority to offer an initial forbearance plan of up to three months without achieving quality right party contact (QRPC) in connection with a disaster event. In addition, the lender letter incorporates minor revisions to better clarify the intent of certain requirements in response to servicer inquiries.
- LL-2020-12, New Adverse Market Refinance Fee has been updated to include changes to impacted transactions and a new effective date.
For additional details view the Lender Letters or visit our COVID-19 Investor Resources webpage.