Legal Alert

Fannie Mae and Freddie Mac Extend Eligibility for Sale of Loans in COVID-19 Forbearance

by the Mortgage Banking Group
May 20, 2020
As previously reported, on April 22, 2020, Fannie Mae and Freddie Mac addressed the temporary eligibility for the sale of mortgage loans in a COVID-19 forbearance. Among the various original requirements for eligibility for sale, Fannie Mae and Freddie Mac required that a loan in forbearance have a note date on or after February 1, 2020, and on or before May 31, 2020. On May 19, 2020 Fannie Mae in an update to Lender Letter 2020-06 and Freddie Mac in Bulletin 2020-17 extended the eligible note date until June 30, 2020. The agencies also updated the submission or settlement date timeframes outlined in the original guidance.

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