Fannie Mae updates Covid-19 Seller FAQs

Federal Issues Fannie Mae Mortgages Covid-19

On October 8, Fannie Mae updated its Covid-19 Seller FAQs to include new guidance covering, among other things, (i) general standards for audited profit and loss statements; (ii) when a mortgage loan is considered to be reinstated; (iii) reusing desktop and exterior-only appraisals for subsequent refinances; and (iv) using credit supplements as a form of due diligence to determine whether a borrower’s existing mortgage payments are current. Additionally, Fannie Mae updated previous questions related to refinancing an existing loan in forbearance and timely payments in certain repayment plans.