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Financial Services Law Insights and Observations

Freddie Mac issues bulletin on servicing relating to Covid-19

Federal Issues Covid-19 Freddie Mac Foreclosure Mortgages Forbearance

Federal Issues

On May 14, Freddie Mac issued Bulletin 2020-16 providing temporary servicing guidance related to Covid-19. The bulletin provides clarity in the following areas: (i) the extension of the Covid-19 foreclosure moratorium announced in Bulletins 2020-4 and 2020-10 until June 30, (ii) property inspections for delinquent mortgages, (iii) default reporting for mortgages impacted by Covid-19, (iv) property valuations for short sales and deeds-in-lieu of foreclosure, (v) Home Affordable Modification Program (HAMP) good standing for mortgages on a Covid-19 forbearance plan, repayment plan, or Covid-19 payment deferral, and (vi) the National Emergency Declaration effective date.