HUD: âFHA permits a Borrower to designate an attorney-in-fact to use a POA to sign documents on their behalf at closing, including page 4 of the final Form HUD-92900-A, HUD/VA Addendum to Uniform Residential Loan Application, and the final Fannie Mae Form 1003/Freddie Mac Form 65, URLA. Starting April 15, all residents age 16 and older will be eligible for a vaccine. We are now further extending the suspension of the following foreclosure-related activities through Jan. 31, 2021. a Fannie Mae Flex Modification based on the Unique Requirements for a Borrower Impacted by a Disaster Event (see D2-3.2- 08, Fannie Mae Flex Modification; and if eligible, offer a Fannie Mae Flex Modification. ... Fannie Mae offers help navigating the broader financial effects of this national emergency to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network. determines that the borrower can maintain the current contractual monthly PITI payment, but cannot manage the additional escrow repayment obligation to cover amounts disbursed by the servicer during the forbearance plan term. a COVID-19 related forbearance plan, repayment plan, or Trial Period Plan and the borrower complied with the terms of such plan; a COVID-19 payment deferral and the borrower made three consecutive monthly payments following completion of the payment deferral. Community Seconds Checklist: The checklist will serve a pre-approval for Community Second programs. COVID-19 Processing Eviction Matters. "��_ �+TH�rUi�i�����갱��É 2 0 obj
transitions directly from a COVID-19 related forbearance plan to a repayment plan. inspections for properties securing a delinquent mortgage loan as described in, inspections related to hazard loss repairs as described in, property preservation activities as described in. version of a page. 24, Aug. 27, When verifying an acceptable payment record for a borrower that has had a financial hardship related to COVID-19 in which the servicer provided. Center, Apps �'Gwˡ �0��Q�u&?�z!��o��^|�"�w�{8@A� SAl�G��r��:��L��̞�jr?=�&U�S�On���Z�?��4�̧2��ޓU� ���Ӟ������^s
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For mortgage loans where the servicer would have otherwise reported reason for delinquency code 022 due to Energy-Environment Costs, the servicer must now use reason for delinquency code 007, Excessive Obligations. Note that the ABA Attestation form pairs with this one. We will continue to monitor the situation and alert you of any additional policy updates. endobj
If the mortgage loan is not brought current upon expiration of the forbearance plan, or if the borrower is not approved for a post-forbearance workout option as determined based on QRPC, the servicer must follow the property inspection requirements in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections. The policies in this Lender Letter are effective immediately and are effective until Fannie Mae provides further notice, unless otherwise stated. follow the property inspection requirements in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections and property preservation requirements in Servicing Guide E-3.2-12, Performing Property Preservation During Foreclosure Proceedings. The CARES Act prohibits landlords from charging penalties or late fees for unpaid rent during the 03/27/20 to 07/24/20, time period ⦠%����
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For these mortgage loan modifications, the following changes to the eligibility criteria apply: Requirement for Borrowers Impacted by COVID-19. 30, 2020, the Agency SDQ Rate will include an adjustment for mortgage loans in a COVID-19-related forbearance plan that are 90 days or more delinquent and were current at the inception of the COVID-19-related forbearance plan. The servicer must disclose how the escrow analysis was determined, and that disbursed escrow amounts will not be capitalized but will be added to the escrow shortage needed to pay future escrow amounts resulting in an increase of the borrower’s current contractual monthly PITI payment over the 60-month escrow repayment period. This supersedes our guidance on Mar. Fannie Mae and Freddie Mac have extended until at least February 28, 2021 the ⦠Fannie Mae HFA Preferred and Freddie Mac HFA Advantage Charter Level Income Limits No DPA provided with this option. In accordance with the Servicing Guide D2-3.2-01, Forbearance Plan, the servicer may provide an initial forbearance period, and any extended forbearance period, in separate, shorter increments. With the Mar. A2-1-08, Compliance with Requirements and Laws, D2-2-01, Achieving Quality Right Party Contact with a Borrower, A4-2.1-04, Establishing Contact with the Borrower, D2-4-01, Reporting a Delinquent Mortgage Loan to Fannie Mae, F-1-21, Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System, D2-2-10, Requirements for Performing Property Inspections, E-3.2-12, Performing Property Preservation During Foreclosure Proceedings. Additions to Lender Letter on Jul. Having Issues with Seeing this Page Correctly? In this situation, lenders often require an Internal Revenue Service (IRS) Form 4506-T. <>>>
A hard refresh will clear the browsers cache for a specific page and force the most recent The servicer must document in the mortgage loan servicing file the date that the COVID-related hardship began and the date of the insured loss event. If you have additional questions, Fannie Mae customers can visit Ask Poli to get In exchange for this delegation of authority, we share up to one-third of the losses that may result from a borrowerâs default. NOTE: The response to this Q&A is directly from Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing. We are releasing information to our servicers as quickly as possible and will update and republish this Lender Letter as new guidance becomes available. Fannie Mae (FNMA): Fannie Mae issued Lender Letter LL-2020-07, COVID-19 Payment Deferral, on May 13, 2020. This supersedes our guidance on Mar. Resources are also available for low-income owner ⦠The borrower must have experienced a hardship resulting from COVID-19 (for example, unemployment, reduction in regular work hours, or illness of a borrower/co-borrower or dependent family member), which has impacted their ability to make their monthly mortgage loan payment. Detailed requirements on the use of ⦠Organized as a government-sponsored entity, Fannie Mae is a shareholder-owned corporation. We are continuing this temporary suspension. Have Guide questions? Interested readers can access Ohio Valleyâs annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the âExchange Actâ), through Ohio Valleyâs ⦠We are eliminating the requirement that the servicer determine the occupancy status of the property and will consider the servicer obtaining the following as achieving QRPC for purposes of evaluating a borrower who has experienced a hardship resulting from COVID-19: With LL-2017-09R we introduced the Fannie Mae Extend Modification for Disaster Relief (Extend Mod), a temporary post- disaster forbearance mortgage loan modification, as well as the order of evaluation for Extend Mod and other post-forbearance mortgage loan modifications when the property securing the mortgage loan or the borrower’s place of employment is located in a FEMA-Declared Disaster Area eligible for Individual Assistance. ]�_�TrO��|X[�����0��S5M-�Φƌ18X�b�J:t�5wlA1AKI;��gtU�лT1 <>
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EdŻB�U�UP��7/����2�! delinquent and the property was not vacant or abandoned, delinquent and the property was reported as vacant or abandoned. These changes will be effective beginning with the June 2020 monthly delinquency status reporting cycle and will apply when the servicer reports delinquency status code 09 (Forbearance) and reason for delinquency code 022 (Energy-Environment Costs), as reassigned pursuant to this Lender Letter for reporting a hardship associated with COVID-19. . Ask Poli. Visit Selling and Servicing Guide Communications and Forms. We recommend that you use the latest version of FireFox or Chrome. ���O�0!�f��;�c�����a�S��}D����)���-���n�ݹe���K�a�C/5bO��P�� �Ru1;�0q��A�S��A� If the servicer is unable to complete a property inspection or property preservation activity in accordance with the Servicing Guide, it must document their efforts and the reason for any exception in the mortgage loan file. Our Disaster Response Network (DRN) is operational and can be used to assist borrowers who are financially impacted by COVID-19. The property securing the mortgage loan or the borrower’s place of employment must be located in a FEMA-Declared Disaster Area eligible for Individual Assistance. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. In response to the CARES Act, on Apr. N O T E: For mortgage loans that are delinquent and not on a forbearance plan, servicers must continue to follow the inspection requirements in in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections. ... landlords must continue to use the "Attestation of Plaintiff" form at the time of filing an eviction and any other pleading seeking rent, penalties or interest. Ask Poli. In response to the CARES Act, we are acknowledging that the servicer must report the status of the mortgage loan to the credit bureaus in accordance with the FCRA, including as amended by the CARES Act, for borrowers affected by the COVID-19 emergency. In response to servicer inquiries and in accordance with Servicing Guide A4-2.1-04, Establishing Contact with the Borrower among other requirements, the servicer is authorized to use various outreach methods to contact the borrower as permitted by applicable law, including, but not limited to: The servicer must report delinquency status information to Fannie Mae through Fannie Mae’s servicing solutions system in accordance with Servicing Guide D2-4-01, Reporting a Delinquent Mortgage Loan to Fannie Mae and F-1-21, Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System. The CARES Act states that a forbearance plan must be provided to any borrower who requests a forbearance with an attestation of the financial hardship caused by the COVID ⦠18, 2020 Lender Letter, we communicated that servicers must achieve QRPC with the borrower prior to offering a forbearance plan, that the property securing the mortgage loan may be either a principal residence, a second home, or an investment property, and that the servicer must otherwise follow the requirements in Servicing Guide D2-3.2-01, Forbearance Plan. While we encourage submission of this information in a timely manner and by the Mar. & Insights, Pricing & We generally require servicers to file motions for relief from the automatic stay in bankruptcy cases upon certain milestones. 8, 2020, we acknowledged that the servicer was required to suspend foreclosure-related activities in accordance with the requirements of the CARES Act , which provides: “Except with respect to a vacant or abandoned property, a servicer of a Federally backed mortgage loan may not initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure-related eviction or foreclosure sale for not less than the 60-day period beginning on Mar. 4506-C (9/2020) Covid-19 Borrower Attestation; Property Inspection Waiver Disclosure; HUD 92900-A (2/2020) Uniform Residential Loan Application (1/2021) Disaster Inspection Form ⦠18, updated Mar. In addition, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other reports required by Section 13(a) or 15(d) of the Exchange Act are available through our website, www.t.financial, as soon as reasonably practicable after we electronically ⦠18, 2020, which instructed servicers to suspend reporting the status of a mortgage loan to credit bureaus during an active forbearance plan, or a repayment plan or Trial Period Plan where the borrower is making the required payments as agreed, even though payments are past due, as long as the delinquency is related to a hardship resulting from COVID-19. In Lender Letter LL-2020-07, COVID-19 Payment Deferral we introduced COVID-19 payment deferral, a new home retention workout option jointly developed with Freddie Mac at the direction of FHFA, to assist borrowers who have resolved their COVID-19 related hardship. immediately reinstates the mortgage loan upon expiration of the COVID-19 related forbearance plan, or. In response to the CARES Act, we are updating our reclassification process for mortgage loans in these MBS pools when a borrower impacted by COVID-19 is provided a forbearance plan. in this document (see the âTemporary COVID-19 Related Restrictionsâ topic below). Then the servicer must evaluate the borrower for…, able to establish QRPC with the borrower during the forbearance plan, determines that the borrower is capable of maintaining the current contractual monthly PITI payment, including any escrow amounts disbursed by the servicer during the forbearance plan term and escrow shortage needed to pay future escrow that is required to be repaid by the borrower over the 60-month escrow repayment period. This applies to active forbearance plans without regard to whether the borrower’s monthly payment is reduced or suspended during the forbearance plan term. 8, 2020, we temporarily relieved servicers of the obligation to meet these timelines. 25, 2020 which instructed that once the servicer implemented payment deferral, to evaluate borrowers impacted by COVID-19 for a payment deferral in accordance with the eligibility requirements and workout option hierarchy described in Lender Letter LL-2020-05, Payment Deferral prior to evaluating the borrower for a post-forbearance mortgage loan modification as described above. In response to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Fannie Mae is updating requirements relating to forbearance plans, achieving QRPC with a borrower in regards to a forbearance plan, credit bureau reporting, and suspension of foreclosure activities and certain bankruptcy requirements. The CARES Act states that a forbearance plan must be provided to any borrower who requests a forbearance with an attestation of the financial hardship caused by the COVID-19 emergency; and no additional documentation other than the borrower’s attestation to a financial hardship caused by the COVID-19 emergency is required. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. We encourage servicers to refer Fannie Mae borrowers to our Disaster Response Network at 1-877-542-9723. 1COVID-19 SDQ refers to mortgage loans in a COVID-19-related forbearance plan that are 90 days or more delinquent and were current at the inception of the COVID-19-related forbearance plan. Additionally, the Property Preservation Matrix and Reference Guide authorizes servicers to utilize alternative data or other means available to determine occupancy status when inspection results are unknown due to lack of access. The servicer must otherwise disburse the proceeds in accordance with Servicing Guide B-5-01, Insured Loss Events. To accommodate these changes, the Mortgage Bankers Financial Reporting Form (MBFRF Form 1002) will be modified by Jun. information from other Fannie Mae published sources. purchased or securitized by Fannie Mae or Freddie Mac. For a borrower impacted by COVID-19, we are temporarily eliminating the requirement that the servicer must receive our prior written approval for a forbearance plan that would result in the mortgage loan becoming greater than 12 months delinquent. Our charter is an act of Congress, and we have a mission under that charter to provide liquidity and ⦠18, 2020.”. Refer to the Appendix link for examples. 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