Impact of COVID-19 on MPF Xtra Servicing
Effective Date: Immediately (unless otherwise noted)
On November 18, 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
- Eliminated the requirement for reporting a delinquency status code for a COVID-19 payment deferral if the mortgage loan is brought current.
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.
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 2020-79