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FHA and GSEs Extend Forbearance Policy and Foreclosure Moratoriums | Weiner Brodsky Kider PC


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FHA, Fannie Mae, and Freddie Mac recently issued COVID-19 related updates with respect to servicing.  FHA published Mortgagee Letter 2021-15, Freddie Mac issued Bulletin 2021-23, and Fannie Mae updated Lender Letter 2021-02, all of which extend the previously announced foreclosure moratoriums through July 31, 2021.  The moratorium for each requires servicers to suspend all foreclosure actions, including foreclosure sales, initiation of any judicial or non-judicial foreclosure process, and move for foreclosure judgment or order of sale.  This restriction does not apply to mortgages on property deemed vacant or abandoned. 
In ML 2021-15, FHA also updated certain requirements and flexibilities related to borrowers impacted caused by COVID-19, including:  ....

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Fannie Mae Updates RefiNow Guidelines | Weiner Brodsky Kider PC


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On June 16, 2021, Fannie Mae released an updated version of Lender Letter (LL-2021-10) detailing the terms of the RefiNow program for certain refinance loans, which has been available for loans with application dates beginning on June 5, 2021.
Fannie Mae’s RefiNow program offers expanded eligibility and lender incentives to help certain low-income borrowers take advantage of the current low interest rate environment by refinancing their existing Fannie Mae-backed loans.
The June 16 changes to the Lender Letter, which was initially published on May 5: (1) provide for existing subordinate financing to be simultaneously refinanced as part of a RefiNow transaction; (2) provide for borrowers who have resolved missed payments as a result of a COVID-19 forbearance to be eligible for a new RefiNow transaction; and (3) clarify the paystub requirements. ....

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