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Fannie Mae has made some updates to the guidance provided in recent Lender Letters related to the Coronavirus (COVID-19) outbreak. In lieu of issuing new Lender Letters, Fannie Mae will continue to revise the existing letters with modifications. Doeren Mayhew has outlined modifications to Lender Letters as of March 31, 2020 below.
Lender Letter LL-2020-04, which is related to temporary flexibilities to the appraisal inspection and reporting requirements has been modified to include the new guidance:
Lender Letter (LL-2020-03) encourages lenders to apply these updates to existing loans in process, however they MUST be applied to loans with application dates on or after April 14, 2020 through May 17, 2020.
Should you have any questions on the guidance in the Lender Letters, contact one of our specialists in our Financial Institutions Group below:
Heather Feltner | Lending and Compliance Specialist | firstname.lastname@example.org
Lindsey Becker | Internal Audit and Compliance Manager | email@example.com
Jeni Butler | Senior Compliance Specialist | firstname.lastname@example.org
Marcia Baker | Senior Compliance Specialist | email@example.com
Debbie Rodriguez | Senior Compliance Specialist | firstname.lastname@example.org
Heather Feltner, Lending and Compliance Specialist – Financial Institutions Group
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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