Fannie Mae: Reminder of Servicing Policy to Assist Borrowers Impacted by Coronavirus
March 5, 2020
Source: Fannie Mae
We are actively monitoring reports about the possible spread of the coronavirus (i.e., COVID-19) in the United States, and understand that you may have concerns about its potential impact on borrowers and your business. We want to remind servicers that you can offer forbearance in accordance with our existing policies to assist borrowers who are unable to make their monthly mortgage loan payment as a result of a temporary hardship (for example, if a borrower is quarantined and unable to work). The servicer should evaluate the borrower for a forbearance plan or other workout assistance in accordance with our existing requirements. We also want to remind servicers that they must have a business continuity plan in place to support their ongoing ability to conduct business operations in the event of an interruption to business operations and processes. The specific requirements regarding a business continuity plan can be found in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility. Fannie Mae is working with and following the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and local health agency guidance, while adhering to our corporate internal business continuity plans to ensure our ability to continue operations and fulfill our mission.