Do Fannie Mae’s existing disaster policies in the Selling Guide apply to the COVID-19 pandemic?
No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. Instead, lenders can follow the guidance in Lender Letters LL-2020-03, Impact of COVID-19 on Originations and LL-2020-04, Impact of COVID-19 on Appraisals. All guidance specific to COVID-19 will be communicated through Lender Letters and FAQ documents such as this.
Also, note that loans in forbearance due to COVID-19 are not subject to the disaster-related forbearance policies in A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility.
For more information, refer to the published Lender Letter LL-2020-03, Impact of COVID-19 on Originations.