Fannie Mae Lender Letter (LL-2020-03) Updated May 5, 2020

May 05, 2020

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Fannie Mae has updated LL-2020-03 to: extend the application dates for these temporary policies to Jun. 30, 2020; issue reminders regarding unemployment benefits as qualifying income; clarifying eligibility of income for furloughed borrowers; temporarily suspending reps & warranty relief for employment validation through DU validation service; reminders of purchase/securitization requirements; modifying age of documentation requirements; new verification of self-employment requirements; revised market-based assets requirments; power of attorney flexibilities; expansion of remote online notorization; flexibilities for verbal or electronic post-close reverifications;  flexibilities for VVOEs; reminders for continuity of income requirements; extending deadlines for the submission of financial statements and Form 582; reminder of existing policies regarding possession of the original promissory notes related to electronic records; reminder of the acceptance of lender title policies that include "gap coverage"; and reminder of business continuity and resiliency plans. 

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