Servicing Guide

Published November 10, 2020

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What is the difference between a forbearance plan and a COVID-19 payment deferral?

As noted in a previous FAQ, a forbearance plan is a retention option in our workout hierarchy for a borrower with an eligible hardship that is temporary in nature and has not been resolved. A forbearance plan provides for a period of reduced or suspended contractual monthly mortgage payments, followed by a full reinstatement, mortgage loan payoff, or another workout option to enable the borrower to resolve the delinquency.

COVID-19 payment deferral is a retention options for borrowers with a hardship that is temporary in nature and that has been resolved. To receive a COVID-19 payment deferral, the borrower must be able to resume making his or her mortgage payments (among other eligibility criteria). This solution brings the mortgage loan current by “deferring” the borrower’s missed payments into a non-interest bearing balance. See Lender Letter LL-2020-02, Impact of COVID-19 on Servicing, LL-2020-07, COVID-19 Payment Deferral, and Servicing Guide D2-3.2-01, Forbearance Plan for additional information. 

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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