Servicing Guide

Published November 10, 2020

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**DELETE 01/2021**What criteria must be considered when determining eligibility for a Cap and Extend Modification for Disaster Relief?

**DELETED Q&A** Servicing Guide Topic D2-3.2-05:Fannie Mae Cap and Extend Modification for Disaster Relief has been deleted with the 09.09.2020 servicing guide update

The servicer must not require a complete BRP to evaluate the borrower for a Fannie Mae Cap and Extend Modification for Disaster Relief and is not required to have previously solicited the borrower for a workout option prior to offering a Fannie Mae Cap and Extend Modification for Disaster Relief. However, the servicer must establish QRPC with the borrower during the forbearance plan and must determine whether the borrower is capable of maintaining the current contractual monthly PITI payment, including escrows, and desires a Cap and Extend Modification for Disaster Relief in lieu of a Fannie Mae Flex Modification (see Unique Requirements for a Borrower Impacted by a Disaster Event in D2-3.2-06, Fannie Mae Flex Modification). In order to be eligible for a Fannie Mae Cap and Extend Modification for Disaster Relief, all of the criteria in the following table must be met.

Eligibility criteria for a Fannie Mae Cap and Extend Modification for Disaster Relief
 

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.

 

The mortgage loan must be a first lien mortgage loan.

 

The mortgage loan must

  • have been current or less than 31 days delinquent when the disaster occurred, and

  • be 31 or more days delinquent but less than 360 days delinquent upon completion of the forbearance plan.

 

The mortgage loan must not be insured or guaranteed by a federal government agency (e.g. FHA, VA, or RD).

 

The mortgage loan must not be subject to

  • a recourse or indemnification arrangement under which Fannie Mae purchased or securitized the mortgage loan or that was imposed by Fannie Mae after the mortgage loan was purchased or securitized;

  • a current offer for another workout option, with the exception of a disaster-related Flex Modification;

  • an approved liquidation workout option; or

  • an active and performing repayment plan or other forbearance plan where the hardship was not due to a disaster event.

For more information please see: D2-3.2-05: Fannie Mae Cap and Extend Modification for Disaster Relief 

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