Servicing Guide

Published March 10, 2021

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Are there any workout options to assist homeowners who may be facing a financial hardship related to COVID-19?

If a borrower contacts a servicer indicating they are impacted by COVID-19, the servicer must determine if the borrower has experienced an eligible hardship (for example, unemployment, reduction in regular work hours, or illness of a borrower/co-borrower or dependent family member).  

For example, if a borrower is ill or quarantined and unable to work and, as a result, experiences a reduction in income that impacts the borrower’s ability to make their monthly mortgage payment, the borrower may be eligible for one of our existing workout options (in accordance with our workout hierarchy). For this situation, a forbearance plan may be an ideal workout option to consider. 
    
For more information, see Lender Letter LL-2021-02, Impact of COVID-19 on Servicing and LL-2021-07, COVID-19 Payment Deferral.

 

Note: This FAQ is from the Fannie Mae COVID-19 Frequently Asked Questions.

See below for more information on COVID-19:

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Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

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