Fannie Mae Clarifies the Adverse Market Refinance Fee and Extends Effective Dates of Certain Selling/Servicing Activities
September 24, 2020
Today, Fannie Mae updated four lender letters:
- LL-2020-03, Impact of COVID-19 on Originations, has been updated to extend application dates to October 31, 2020 for verbal verifications of employment and power of attorney flexibilities.
- LL-2020-04, Impact of COVID-19 on Appraisals, has been updated to extend the temporary policies to loans with application dates on or before October 31, 2020, unless otherwise noted.
- LL-2020-06, Selling Loans in Forbearance, has been updated to extend eligible note dates to October 31, 2020 and delivery to December 31, 2020.
- LL-2020-12, New Adverse Market Refinance Fee, has been updated to clarify the refinance exception applies to loans with an original principal amount less than or equal to $125,000.
For additional details view the Lender Letters or visit our COVID-19 Investor Resources webpage.