Fannie Mae released updated COVID-19 Forbearance Process Guidance following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The guidance outlines the necessary steps for submitting delegated forbearance notifications for a Borrower impacted by COVID-19. Fannie Mae is also updating the intake process for submitting non-delegated forbearance requests and modifications. Effective immediately, all non-delegated forbearances and modifications must be received through the MAMP.
Fannie Mae adjusted the eviction suspension requirements to align with the eviction moratoriums in the CARES Act. Borrowers will need to follow any additional moratoriums imposed by local, state or federal entities with jurisdiction over the applicable property, but Fannie Mae is no longer imposing a separate eviction suspension after the end of the forbearance period granted by Fannie Mae.
