Is a loan subject to the temporary requirements of Lender Letter LL-2020-06, Selling Loans in Forbearance, if the borrower went into forbearance after the note date, did not miss any mortgage payments, and the forbearance subsequently ended before the loan was sold to Fannie Mae?
The loan is not subject to the requirements of LL-2020-06, and is eligible for standard sale terms and conditions if the lender verifies and documents in the loan file the following requirements:
- The forbearance plan ended or was terminated.
- The borrower did not miss any payments before sale to Fannie Mae.
- The borrower did not experience a change in circumstance or financial hardship after the note date.
As a reminder, the loan must meet all requirements of the Selling Guide.