Skip to main content
Are you a homeowner? See how we can help

Together we can navigate this new mortgage landscape

The impact of COVID-19 on homeowners has left mortgage lenders and servicers facing an unfamiliar landscape.

Amid all the uncertainty, you can always turn to Fannie Mae for reliable information and steady guidance for you and your customers facing hardship. Temporary policies have been put in place to enable servicers to better assist borrowers experiencing financial hardship due to COVID-19. Let’s discuss the highlights.

These are the key areas where existing policies have changed:

New guidelines on forbearance

With COVID-19 causing massive job losses, we expect a large increase in borrowers seeking mortgage payment relief.

To assist these homeowners, our guidelines allow single-family borrowers to reduce or suspend mortgage payments initially for up to 6 months and potentially up to 12 months if their ability to pay has been affected by a COVID-19 related job loss, income reduction, illness or other issues.

The guidelines also prevent homeowners from incurring late fees during their forbearance period.

Learn more on executing the policy in this resource.

New guidance on credit reporting

To keep borrowers stable for the near term, if they were current on their loan before they started a forbearance plan or another accommodation covered by the CARES Act, they should be reported as current to the credit bureaus as long as they continue to make payments as required by the plan or as long as no payments are required under the plan.

Fannie Mae’s Disaster Response Network

Our Disaster Response Network™ (DRN) can be used to assist borrowers who are financially impacted by COVID-19. The DRN provides trained financial counselors who will work with borrowers to create a workable budget based on the borrower’s present financial situation and assist in explaining options including obtaining unemployment benefits and any new special assistance. We encourage you to refer your impacted borrowers to our DRN for assistance. Learn more.

How you can move forward

The coming months will see a lot of change in our industry. Throughout it, you can come to Fannie Mae as a source for reliable information and help.

Our Lender Letters for servicers should be your first stop for information. Unless otherwise noted, the policies that our Lender Letters outline are effective immediately and will be in place until further notice. When you’re ready to get started, you can follow these step-by-step Asset Management Network instructions.

Most importantly, make sure to keep checking back with us for the latest information. Throughout this uncertainty we will continue to be here to help.

Lender Letters

Impact of COVID-19 on Servicers

Lender Letter LL-2020-02 describes temporary policies aimed at helping servicers assist borrowers.

Impact of COVID-19 on Appraisals

Lender Letter LL-2020-04 provides temporary guidance on Fannie Mae policies regarding appraisals.


Federal Housing Finance Agency

The FHFA site can help keep you updated on changes related to COVID-19 across the mortgage industry.


Full-text of the Coronavirus Aid, Relief and Economic Security Act of 2020.