Fannie Mae: Lender Letter LL-2019-01: Impact of Federal Government Shutdown (Servicing)
January 11, 2019
Source: Fannie Mae
In response to questions and feedback from servicers and other industry participants, we are issuing this Lender Letter to clarify our expectations and requirements with respect to credit reporting regarding mortgage loans made to government employees and other workers impacted by the federal government shutdown. These temporary requirements will provide servicer guidance to assist borrowers who have been impacted by the shutdown that began on December 22, 2018. This guidance is effective immediately and will automatically expire when the federal government resumes full operations. If the shutdown lasts for a prolonged period, we may provide additional guidance.
Clarification Regarding Credit Reporting for Borrowers Impacted by the Shutdown
Fannie Mae extends the flexibility to servicers to determine the appropriate method for reporting the status of a mortgage loan for a borrower impacted by the federal government shutdown to the credit repositories. Servicers are permitted, but not required, to suspend credit reporting in these instances. As a reminder, servicers are responsible for complying with all applicable laws when reporting a mortgage loan status to the four major credit repositories.
Contact your Fannie Mae account team, Portfolio Manager, or Fannie Mae’s Single-Family Servicer Support Center at 1-800-2FANNIE (1-800-232-6643) with any questions regarding this Lender Letter.
Carlos T. Perez
Senior Vice President and
Chief Credit Officer for Single-Family