Fannie Mae is here to help its Single-Family partners and their customers
Fannie Mae has reliable tools and resources to guide you through the financial challenges associated with the COVID-19 global health outbreak. We are here to help you overcome business disruptions, adopt new regulatory and operational procedures, and offer immediate and long-term relief to struggling homeowners and renters. Fannie Mae offers a wealth of knowledge, applications, and services that enable you to take the necessary actions to address COVID-19 financial hardships as well as the most critical needs within your business and with your customers.
We help mortgage servicers manage and meet regulatory and legal obligations as well as ensure that safeguards are set in place for homeowners amid unforeseen financial challenges. Fannie Mae’s mortgage forbearance is available for homeowners experiencing financial hardships due to COVID-19. A forbearance plan can either reduce or suspend payments for up to 12 months without late fees. Mortgage repayment options become available once the forbearance period ends.
Options after forbearance
Educate your customers about their options.
Servicer self assessment
Evaluate your COVID-19 response, and successfully manage your business while navigating market disruptions.
COVID-19 payment deferral option
This option allows homeowners to resume making regular monthly mortgage payments.
We equip mortgage lenders with the resources to reduce anticipated mortgage repayment issues and address the surge in financial relief requests. Lenders can work with borrowers encountering a job loss, lapsing on mortgage payments or seeking out record low interests rates to restructure their mortgage payments. Fannie Mae’s financial hardship services, such as Fannie Mae’s Disaster Response Network™, mortgage relief options, and forbearance program can help borrowers get the financial assistance they need to get back on their feet.
Loan Delivery and additional resources
Lender Letter LL-2020-06 provided temporary eligibility and delivery requirements applicable for mortgage loans delivered and closed during COVID-19. Get information to help support mortgage delivering loans using these temporary flexibilities. You can find more training resources on the Single-Family Learning Center page, your destination for reliable education, training, and tools.
|Loan Delivery Information for Loans in Forbearance Due to COVID-19||Get the details related to Lender Letter LL-2020-06 on delivering loans in forbearance. Learn new requirements for Loan Delivery.|
|Scenarios: Loans in Forbearance Due to COVID-19 and Representations and Warranties||Review scenarios that may impact representations and warranties when a loan goes into forbearance.|
|Self-Reporting Loans in COVID-19 Forbearance Delivered without Special Feature Code 919||Learn how to submit a Self-Report using Loan Quality Connect for a single loan or multiple loans.|
|Remote Ink-Signed Notarization job aid||Get an overview of what is needed to provide remote ink-signed notarizations that enable your borrowers and your staff to practice COVID-19 social distancing recommendations.|
To help ease appraisers’ concerns regarding restricted access to a homeowner’s property and the need for reduced interactions with homeowners, Fannie Mae has provided temporary flexible appraisal requirements. We accept alternatives to traditional appraisals, such as virtual inspections. We also extended temporary measures in other areas like condominium project reviews, new construction loans, and HomeStyle® renovation loans in mortgage forbearance.
Find answers to many of your COVID-19 related questions in the appraisal section of our COVID-19 Selling FAQs.
To access other appraiser resources, visit Fannie Mae’s Single-Family Appraiser page.