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 | email@example.com
Lindsey Becker | Internal Audit and Compliance Manager | firstname.lastname@example.org
Jeni Butler | Senior Compliance Specialist | email@example.com
Marcia Baker | Senior Compliance Specialist | firstname.lastname@example.org
Debbie Rodriguez | Senior Compliance Specialist | email@example.com
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.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).