Servicing Guide

Published November 10, 2020

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What are the requirements for evaluating a borrower for a Fannie Mae Flex Modification who defaulted after completing a disaster payment deferral?

If a borrower who completes a disaster payment deferral (see D2-3.2-06, Disaster Payment Deferral for additional information) becomes 60 days delinquent within six months of the disaster payment deferral’s effective date and the servicer is unable to achieve QRPC, then the servicer must evaluate the borrower for a Fannie Mae Flex Modification in accordance with the reduced eligibility criteria in the table below and if eligible, offer the Flex Modification to the borrower no later than the 75th day of delinquency. The servicer is not required to

  • receive a complete BRP from the borrower, or
  • have previously solicited the borrower for a workout option.

Note: The servicer is authorized to continue proactive solicitation for Fannie Mae Flex Modification based on the reduced eligibility criteria in the table below at its discretion. The servicer must not solicit a borrower for a Fannie Mae Flex Modification based on reduced eligibility criteria if the property has a scheduled foreclosure sale date within 60 days of the evaluation date if the property is in a judicial state, or within 30 days of the evaluation date if the property is in a non-judicial state.

Reduced Eligibility Criteria When Soliciting a Borrower Who Defaulted after Completing a Disaster Payment Deferral
  The mortgage loan must be a first-lien conventional mortgage loan.
  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 mortgage loan modification or other workout option;

  • an approved liquidation workout option; or

  • an active and performing repayment plan, forbearance plan, or Trial Period Plan.

The servicer must send the borrower the applicable Flex Modification Solicitation Cover Letter with the Flex Modification Trial Period Plan Solicitation Offer - Not Based on an Evaluation of a BRP Evaluation Notice , or the equivalent, and make appropriate changes to these documents, including the applicable Frequently Asked Questions and as needed to comply with applicable law.
For more information please see: D2-3.2-07: Fannie Mae Flex Modification

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

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