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Financial Services Law Insights and Observations

GSEs provide Covid-19 guidance

Federal Issues GSE Fannie Mae Freddie Mac Mortgages Covid-19

Federal Issues

FHFA and Freddie Mac have issued reminders that borrowers impacted by Covid-19 meet forbearance hardship requirements for Fannie Mae and Freddie Mac loans, and servicers must work with impacted borrowers unable to make mortgage payments and be responsive to potential requests for assistance.

Freddie Mac also reiterated a requirement for sellers/servicers to maintain a business continuity plan as set forth in Section 1302.3 of the Freddie Mac Guide.

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