MPF Xtra Servicing – Lender Letter LL-2023-03
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published Lender Letter LL-2023-03 announcing the upcoming retirement of certain COVID-19 related servicing policy flexibilities.
Effective November 1, 2023, Servicers must cease use of delinquency code 022, Energy-Environment Costs, for new hardships and revert to the applicable Servicing Guide policies designed to assist Borrowers in resolving their delinquencies regardless of hardship type, including for evaluations for new forbearance plans, forbearance extensions, and delinquency status reporting.
In addition, Fannie Mae is retiring flexibility with regard to achieving QRPC when evaluating a borrower for a workout option prior to expiration of a COVID-19 related forbearance plan, for evaluations on or after November 1, 2023.
The content in the Lender Letter has been reorganized and policies that have expired or reminders of Servicing Guide policies have been removed.
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 2023-73