Impact of COVID-19 on MPF Xtra Servicing
Effective Date: Immediately (unless otherwise noted)
On October 14, 2020 Fannie Mae issued Lender Letter LL-2020-07, which communicated updates to temporary policies previously announced, to enable Servicers to better assist Borrowers impacted by COVID-19. The policies in the Lender Letters are effective immediately and are effective until Fannie Mae provides further notice, unless otherwise stated.
Updates to Fannie Mae Lender Letter LL-2020-07- COVID-19 Payment Deferral
- Clarified that a mortgage loan with an origination date after March 1, 2020, the effective date of the National Emergency Declaration, does not exclude it from COVID-19 payment deferral eligibility.
PFIs and Servicers originating, delivering or servicing
- MPF Traditional (Conventional) loans must follow the policies and guidance recently issued by the MPF Program. Please visit the MPF Website to view recently published MPF Announcements.
- MPF Government loans and MPF Government MBS loans, must follow policies and guidance issued by the applicable Government Agencies.
- MPF Direct loans, must follow policies and guidance issued by the product’s investor, Redwood Trust.
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. 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.
- MPF Announcement 2020-71