Servicing Guide

Published October 14, 2020

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Does Lender Letter LL-2020-02 address servicer requirements for advancing scheduled monthly principal and interest payments on loans that are in forbearance as a result of COVID-19?

NOTE: The response to this Q&A is directly from Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing.

The following content was published Apr. 29, 2020.

Servicing Guide A2-1-01, General Servicer Duties and Responsibilities requires the servicer of a scheduled/scheduled or scheduled/actual remittance type mortgage loan to remit funds to us when scheduled to be remitted even when these funds are not actually collected.  The servicer is required to remit the scheduled funds until the mortgage loan becomes current, is removed from Fannie Mae’s active accounting records, or is purchased from the MBS trust, as applicable.

In response to the national emergency, FHFA published a News Release on April 21, 2020, FHFA Addresses Servicer Liquidity Concerns, Announces Four Month Advance Obligation Limit for Loans in Forbearance, aligning policies between Fannie Mae and Freddie Mac to limit servicer obligations to advance scheduled monthly payments to four months for scheduled/scheduled remittance type mortgage loans.  Fannie Mae is currently evaluating operational changes to discontinue servicer advances of scheduled remittances of principal and interest payments for delinquent scheduled/scheduled remittance mortgage loans (delinquency advances) after the four consecutive missed monthly payments for mortgage loans serviced under the special servicing option. These changes will become effective for August 2020 remittance activity (based on July 2020 reporting activity). Additional guidance will be provided in the coming weeks. For further details, refer to LL-2020-08, Changes to Servicer Principal and Interest Advance Requirements.  

For more information see Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing.

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