MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
On March 25, 2020 Fannie Mae issued Lender Letter LL-2020-05, introducing payment deferral, a new home retention workout option.
This workout option enables Servicers to assist eligible borrowers who have resolved a temporary hardship and resumed their monthly contractual payments but cannot afford either a full reinstatement or repayment plan to bring the loan current.
Effective: Servicers are encouraged to begin evaluating borrowers for payment deferral in accordance with this Lender Letter on or after Jul. 1, 2020; however, Servicers must begin evaluating borrowers for payment deferral no later than Jan. 1, 2021.
To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Lender Letter plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.