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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
At the direction of the Federal Housing Finance Agency (FHFA) and in alignment with Freddie Mac, Fannie Mae (FNMA) published multiple Lender Letters to enable servicers to better assist borrowers impacted by COVID-19. Doeren Mayhew’s Financial Institutions Group has summarized the letters impacting servicing, originations and appraisals below.
In this Lender Letter (LL-2020-02), FNMA provides guidance to servicers regarding expanded eligibility for forbearance plans to borrowers impacted by the virus. It indicates the servicer should evaluate borrowers requesting assistance in accordance with the Servicing Guide Section D2-3.2-01. However, the servicer is not required to obtain documentation of the borrower’s hardship.
Servicers must suspend reporting status of mortgage loans to the credit bureaus during an active forbearance plan, repayment plan or trial period of a modification. In addition, it states there is a suspension of foreclosure sales for the next 60 days, which is not applicable to mortgage loans on properties determined to be vacant or abandoned.
Lender Letter (LL-2020-03) offers information on originations related to the below:
Provided by Lender Letter (LL-2020-04) is temporary flexibilities to the appraisal inspection and reporting requirements effective immediately. In the event an interior/exterior inspection is typically required, FNMA is allowing either a desktop or an exterior-only inspection to be performed in lieu of an interior inspection appraisal. View the letter for a complete matrix referencing requirements along with guidelines to these exception appraisals.
Each of these new policies are effective immediately and will remain in effect until Fannie Mae provides further notice. Doeren Mayhew stands ready to help you navigate these new policies. Should you have any questions in how this will impact your lending operations, contact one of our specialists in our Financial Institutions Group below:
Heather Feltner | Lending and Compliance Specialist | feltner@doeren.com
Lindsey Becker | Internal Audit and Compliance Manager | becker@doeren.com
Jeni Butler | Senior Compliance Specialist | butler@doeren.com
Marcia Baker | Senior Compliance Specialist | baker3@doeren.com
Debbie Rodriguez | Senior Compliance Specialist | drodriguez@doeren.com
Joe Zito | Shareholder | zito@doeren.com
Heather Feltner, Lending and Compliance Specialist
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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