Fannie Mae Lender Letter (LL-2020-07) COVID-19 Payment Deferral - UPDATED

July 16, 2020

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Fannie Mae has updated LL-2020-07 to update the requirements for repayment of any escrow shortage amount identified in connection with a COVID-19 payment deferral or as part of the next annual analysis, clarify how servicing fees, guaranty fees, and excess servicing fees (if applicable) will be reimbursed for mortgage loans that receive a disaster payment deferral, and clarify that the servicer must evaluate the borrower for a Flex Modification in accordance with the reduced eligibility criteria when the borrower becomes 60 days delinquent within six months of the COVID-19 related payment deferral’s effective date and the servicer is unable to achieve QRPC.

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