Banking Agencies, Fannie Mae, Freddie Mac Offer Guidance Regarding Oklahoma Tornadoes

FDIC Freddie Mac Fannie Mae OCC Disaster Relief Mortgage Modification Mortgages

Last week, the FDIC, the OCC, Fannie Mae, and Freddie Mac issued guidance and information for banks, lenders, and servicers operating in areas impacted by recent tornadoes. The FDIC and the OCC encouraged banks to work with borrowers, extend repayment terms, restructure existing loans, or ease terms for new loans, provided such actions are consistent with sound banking practices, and to take other steps such as waiving ATM fees and late payment penalties. Fannie Mae and Freddie Mac reminded servicers of the range of borrower relief options available in the wake of a natural disaster.