Impact of COVID-19 on MPF Xtra Servicing
Effective Date: Immediately (unless otherwise noted)
Fannie Mae issued updates to the COVID-19 Servicing Lender Letters, communicating updates to temporary policies previously announced. 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-2021-02 - Impact of COVID-19 on Servicing
- Increased the expense reimbursement limits for interior and exterior property inspections.
Updates to Fannie Mae Lender Letter LL-2021-07 - COVID-19 Payment Deferral and Fannie Mae Flex Modification for COVID-19 Impacted Borrowers
- Updated the requirements related to performing an escrow analysis to clarify that Servicers must spread any escrow shortage repayment amount identified in the next annual analysis after a COVID-19 payment deferral or a Flex Modification in accordance with the reduced eligibility criteria for COVID-impacted borrowers over either the remaining escrow shortage repayment period or another period of up to 60 months.
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 2022-19c