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.
Copyright © 2020 by Ballard Spahr LLP.
www.ballardspahr.com
(No claim to original U.S. government material.)
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.
This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.
Subscribe to Ballard Spahr Mailing Lists
Get the latest significant legal alerts, news, webinars, and insights that affect your industry.
Subscribe