Obtain Fannie Mae’s approval for any forbearance or continuation exceeding three months.Īdditionally, Fannie Mae will be waiving any late charges to which it might be entitled and “encourages” servicers to “provide relief from the late charges” retained by servicers “unless otherwise provided in the Lender Contract.” However, Fannie Mae has made clear that servicers will be responsible for delinquency advances and servicing advances per the Fannie Mae Guide for loans granted a forbearance.Retain a copy in their servicing file and.Submit a copy of the executed forbearance agreement in the Multifamily Asset Management Portal (MAMP).Require the borrower’s payment of any expenses, including reasonable attorneys’ fees, related to executing the agreement.Obtain Fannie Mae’s approval of any changes to the forbearance agreement form.Certify that they are acting as a prudent commercial real estate lender, conducting sufficient due diligence, and reviewing sufficient information to determine the relief granted to the borrower is necessary.Permit affected tenants to repay any missed rent payments over a period of no more than 12 equal monthly installments, without late charges, together with the affected tenant’s regular monthly rent, to the extent permitted by applicable law.Īlthough Freddie Mac has not released specifics yet, it will also require borrowers to forgo any evictions during the forbearance period.įor servicers of Fannie Mae loans, Fannie Mae is requiring that they:.until the mortgage loan is brought current.90 days after the forbearance agreement effective date, or.Suspend all evictions of tenants who have been financially impacted by COVID-19 for the longer of:.the borrower’s receipt (or the servicer’s receipt on the borrower’s behalf) of Business Income insurance proceeds (or any other assistance or relief program proceeds), per the forbearance agreement.12 months after the end of the forbearance period, or.Bring the mortgage loan current by the earlier of:. With respect to the terms of the forbearance agreement, Fannie Mae is requiring that the borrower: Fannie Mae recommends using either the simplified form of pre-negotiation letter contained in the Supplement or the form pre-negotiation letter contained in the Fannie Mae Servicing Guide.” Additionally, Fannie Mae has delegated to servicers the “authority to execute a forbearance agreement for up to 3 monthly payments beginning with the first missed monthly payment, provided the missed payment did not occur before April 1, 2020.” While a pre-negotiation letter is not required to enter into a forbearance agreement, Fannie Mae does require a pre-negotiation letter before engaging in “on-going Borrower discussions.” Specifically, Fannie Mae advises in Supplement 20-04R, “If a Borrower requests forbearance related to, you should immediately consider executing a pre-negotiation letter with the Borrower and Fannie Mae (if participating in the discussions). renters across more than 27,000 properties.Īlthough exact details about Freddie Mac’s plan have not yet been released, Fannie Mae has already provided significant detail about the relief plan. According to Freddie Mac’s press release, it expects that the plan will provide relief for up to 4.2 million U.S. In exchange, Fannie Mae and Freddie Mac are allowing multifamily landlords (whose loans are financed by Freddie or Fannie) to defer loan payments up to 90 days due to hardship related to COVID-19. While Maryland is the first East Coast state for Interbank to be approved in, other states will follow.On Tuesday, Fannie Mae and Freddie Mac, in coordination with the Federal Housing Finance Agency, announced relief plans to discourage multifamily landlords from evicting renters from properties as a result of non-payment. This allows brokers to utilize their own appraisal management compnay (AMC), draw their own closing docs and disclose as a lender to the borrower. Interbank recently introduced a Non-Delegated Correspondent program that brokers may choose rather than the traditional wholesale channel. “Predictability and communication are the focus on the service side." “Interbank offers the best pricing, but realizes the need to back that up with service and technology to capture and retain the wholesale business," said Bosley. Interbank also offers very aggressively priced adjustable-rate mortgages (ARMs) and interest-only ARMs. Interbank specializes in Fannie Mae conforming, high balance and DU Refi Plus. Interbank Mortgage Company has entered the Maryland wholesale market, and has announced the addition of Brooks Bosley, current president of the Maryland Association of Mortgage Professionals (MAMP), as an account executive to open the Maryland territory.
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