Retail electric providers must also suspend disconnections for residential customers who have been added to the state’s unemployment and low-income list due to the effects of COVID-19. The Renters Resource Finder is an online tool that identifies apartments and other multifamily properties financed by Fannie Mae, whose residents are eligible for eviction protection … WASHINGTON, DC – May 7, 2020 – Fannie Mae (FNMA/OTCQB) announced it has introduced a Renters Resource Finder to help renters facing financial hardship due to COVID-19 understand the options available to them. An SBA PPP or any other similar COVID-19 related loans are designed to provide short-term relief whereas the payroll, rent/mortgage payments and utilities are ongoing business expenses; therefore, those expenses must be considered in the analysis. TDHCA CARES Act funding is from the U.S. Department of Health and Human Services (USHHS) and the U.S. Department of Housing and Urban Development (HUD) . We will continue to take immediate action based on our business continuity plans and guidance and risk assessments from the CDC and local health agencies. Lender Letter LL-2020-03 – Impact Covid-19 Originations December 10, 2020 This Lender Letter provides reminders and temporary flexibilities to support mortgage originations. If you still have Technical Support questions, Lenders are encouraged to apply these temporary requirements to existing loans in process. Fannie Mae Disaster Response Network . Can borrowers still use trust accounts for down payment, closing costs, and reserves? Can I use the requirements for income while on temporary leave? If the COVID-19 pandemic has caused job loss, income reduction, sickness, or other issues that impact your ability to pay your home mortgage or rent, relief options are available — find details here and take action now.. Hosts in the U.S. will be able to work with participating lenders to recognize Airbnb home sharing income from their primary residence as part of their mortgage refinancing application. For example, if an employer lowers a borrower’s base salary, the lender must use the lower amount for qualifying. These FAQs provide additional information on the temporary policies. Can the income be used to qualify? Fannie Mae Provides Assistance to Help Renters Impacted by COVID-19 Stay in Their Apartments. For best results, pose your search like a question. Streamline your refinance process. A hard refresh will clear the browsers cache for a specific page and force the most recent Learn more. Lease agreements do not need to meet the Age of Documentation requirements. Lenders should also include any information or knowledge of any current issues in their analysis of the borrower’s continuance of income source. General Requirements for Documenting Rental Income. We’re here to help. Does the tax deadline extension issued as a result of the COVID-19 emergency affect documentation requirements? If you have questions about specific deals, please contact your Deal Team. The temporary requirements apply to mortgages described in B5-7-03, High LTV Refinance Alternative Qualification Path. What should the lender do when informed of a change in the borrower’s pay structure? We will continue to support our customers by: Fannie Mae will stay in constant communication with the Federal Housing Finance Agency (FHFA) to address any potential impacts to our employees and business operations. We’re concerned for the health and well-being of our employees, customers, and communities, and we urge everyone to take precautions to protect themselves. Refer to B3-3.1-01, General Income Information. We have taken numerous steps to protect our employees, customers and consumers from the impacts of the coronavirus (COVID–19). In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas that support selling mortgage originations. Continuing to fulfill our mission is our priority. For student loans, if the monthly payment is provided on the credit report, the lender may use that amount for qualifying purposes. Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content. If the income is derived from a property that is not the subject property, there are no restrictions on the property type. Does the lender need to consider a Paycheck Protection Program (PPP) loan in the borrower’s DTI? never self-employed income for Fannie Mae or Freddie Mac? LL-2020-03, Impact of COVID -19 on Originations and LL-2020-04, Airbnb has an initiative with Fannie Mae and four lenders to help hosts refinance their mortgages. The flexibilities were set to expire on July 31, 2020. version of a page. Remaining focused on our mission to provide liquidity to the market. Ask Poli is an Artificial Intelligence powered search tool. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must either calculate a qualifying payment per B3-6-05, Monthly Debt Obligations, or use the most recent income-driven repayment plan payment (with supporting documentation). Please note that hold times may be longer than expected due to high call volume. A gap in employment or a reduction in income due to COVID-19 cannot be excluded from the calculation, and the year to date income must continue to be calculated over the entire time period. Fannie Mae's Disaster Response Network has published a guide for renters affected by the coronavirus (COVID-19). As a reminder, loans with applications on or after Aug. 1, 2020 are required to comply with the allowable age of federal income tax returns contained in Selling Guide B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. The lender’s representations and warranties related to the borrower’s employment status do not change. For full details on these temporary flexibilities, read Lender Letter (LL-2020-03) – Impact of COVID-19 on Originations and Lender Letter (LL-2020-04) – Impact of COVID-19 on Appraisals. If the lender determines that the business has been adversely impacted and the amount of income calculated following standard 1084 methodology must be adjusted, rep and warrant relief does not apply since the lender must make manual adjustments to the output of the tool. How do the temporary self-employment income policies in LL-2020-03 impact the enforcement relief of representations and warranties when self-employment income is calculated using an approved vendor tool as outlined in Selling Guide A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties for Mortgages Submitted to DU? Unless the lender has knowledge to the contrary, if the borrower is actively employed, the income does not have a defined expiration date and the applicable history of receipt of the income is documented (per the specific income type), the lender may conclude that the income is stable, predictable, and likely to continue. Fannie Mae partners with lenders to decrease risk. We will continue to update this page with the latest resources and information, so please check back often. COVID-19 FAQs Selling - Underwriting & General Last Updated Dec. 16, 2020 . See B3-3.1-09, Other Sources of Income; Temporary Leave Income. 11, 2020) that required the review to “support and/or not conflict” with the information presented in the current YTD profit and loss statement. Lenders can continue to waive business income tax returns when the requirements of the Selling Guide are met. Our teams are fully operational and ready to execute your multifamily business. Our digital library includes learning modules, videos, frequently asked questions, demos, job aids, guides, and more. New Resource is Part of Broader Effort to Help People Remain in Their Homes. Learn more. Please contact your property manager or building owner for more information. No. Homeowners and renters who have been financially impacted by COVID-19 or natural disaster can also download our app to find relief options and resources on the go. Yes, lenders can continue to follow the requirements in the B3-4.3-02, Trust Accounts. When variable income is used to qualify the borrower(s), can a gap of employment (due to COVID-19) be excluded from the method of calculation? Many renters are affected by the devastating impact of the coronavirus, or COVID-19. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. However, lenders are not required to obtain a copy of the IRS Form 4868 (Application for Automatic Extension of Time to File U.S. Are there acceptable alternatives if a lender is unable to obtain a verbal (VOE)? Lenders must obtain the additional documentation, such as an audited profit and loss statement, or an unaudited profit and loss statement and three months’ business depository account statements and assess the impact to the business and adjust income accordingly. If you are a homeowner, have your financial information handy and contact your mortgage servicer (the company listed on your monthly statement) to request help if you’re concerned about your mortgage payments. Or if an employer reduces a borrower’s potential for variable income, for example with a decreased bonus payment plan, additional analysis must be conducted to determine whether the new income amount can be used for qualifying. Supporting customers as they manage their pipeline — from hedging to funding loans — to minimize risk in this volatile market. While two years of tax returns are still required to demonstrate a stable history of capital gains and interest and dividends income, lenders must consider the current value of the underlying asset when evaluating income for qualifying purposes. March 24, 2020. 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. In some cases, this may be the borrower’s personal depository accounts used for business purposes. CONFIDENTIAL Bulletin 2020-5 & 2020-23 Calculating Income 28 11, 2020, is the loan eligible for delivery to Fannie Mae? No. A borrower who is furloughed or laid off is not considered to be actively employed. In no instance may income be averaged over the period of declination. The net rental income calculation is not reduced by the mortgage payment (which is always treated as a liability and included in the debt-to-income ratio). 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. If I provide a lease to verify rental income, does it have to comply with the Age of Documentation requirements in Lender Letter LL-2020-03? For a comprehensive list of resources such as forms, announcements, lender letters, As a DUS lender, you can grant forbearance to a customer with the delegation Fannie Mae … Lenders should continue to obtain the most recent year’s tax return filed by the borrower as indicated in B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. Does the lender remain responsible for the representations and warranties related to the borrower’s employment status when using one of the verbal VOE flexibilities? We encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible," said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. Can business tax returns continue to be waived in accordance with B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower? How do lenders determine stability of variable income when a borrower has been impacted by COVID-19? We will be adding more FAQs, therefore we encourage you to check in frequently for updates - refer to the "NEW" or "UPDATED" notations after the question. The National Low Income Housing Coalition is tracking which properties are covered by the CARES Act moratorium. SUBJECT: SELLING GUIDANCE RELATED TO COVID-19 We continue to work closely with Fannie Mae under the guidance of the FHFA to address the ongoing economic implications and uncertainty related to the coronavirus disease (COVID-19) pandemic and its impacts on Borrowers and ... Age of income and assets documentation Our COVID-19 Response. How do the temporary age of document requirements in Lender Letter LL-2020-03 impact single-closing construction-to-permanent transactions? A circle with a colored border representing one's progress through a lesson. On Apr. & Technology, News & If the lender determines that the business has not been adversely impacted and the amount of income calculated following standard 1084 methodology is accurate and meets the requirements outlined in Selling Guide. See Lender Letter LL-2020-03. We are actively monitoring the current situation and taking every step to help ensure a safe and sound housing market. For loans meeting the 18 month extended timeframe requirements, the age of document requirements apply at the time of original loan closing only. Given the unprecedented and rapid instances of voluntary and mandated business closures, and the concerns over whether employees will continue to be paid, is updated income documentation required prior to closing? With mortgage rates near all-time lows, the demand for refinancing remains high despite the COVID-19 pandemic. Launch 11, 2020, without the additional level of documentation provided the lender determines the income amount used for qualifying purposes is stable and likely to continue by performing a self-employment income analysis in compliance with Selling Guide requirements. If the trend in the amount of income is stable or increasing, the income amount should be averaged. This program is available for households within the 50-80% range of Area Median Income (AMI). Is it acceptable to follow DU messaging that permits only the most recent year individual and business tax returns? Income types such as hourly, commission and overtime, are variable by nature. In light of the federal income tax filing deadline extension to Jul. Use of these worksheets is optional. For additional information about rental income see B3-3.1-08, Rental Income. These loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll. WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) wants to help ensure families who are renting in multifamily properties are able … This list is not comprehensive and does not include single-family rental homes of 1-4 units and does not include all of the multifamily properties backed with Fannie Mae or Freddie Mac mortgages. No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. If you have additional questions, Fannie Mae customers can visit Ask Poli to get 12/10/20: Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, 12/10/20: Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, 12/9/20: Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, 11/18/20: Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, 11/13/20: Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, 7/15/20: Single-Family Lender Letter (LL-2020-09), Incentive Fees for Retention Workout Options, 7/15/20: Single-Family Lender Letter (LL-2020-08), Servicer Principal and Interest Requirements Change, 7/15/20: Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, 7/15/20: Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, 7/9/20: Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, 7/9/20: Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, 6/29/20: Fannie Mae Announces Updated Protections for Renters Impacted by COVID-19, 6/11/20: Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, 5/26/20: Fannie Mae Launches "Here to Help" Effort to Help Homeowners and Renters Impacted by COVID-19, 5/19/20: Fannie Mae Announces Flexibilities for Refinance and Home Purchase Eligibility, 5/13/20: Fannie Mae Announces COVID-19 Payment Deferral, 5/7/20: Fannie Mae Helps Multifamily Renters Impacted by COVID-19 With 'Renters Resource Finder', 4/27/20: Understand Your COVID-19 Mortgage Options, 4/24/20: Multifamily Lender Letter 20-08, COVID-19 Underwriting Guidance, 4/23/20: Multifamily Lender Letter 20-07, CARES Act: Paycheck Protection Program, 4/23/20: Multifamily Investor Update Regarding COVID-19 Forbearances, 4/22/20: Fannie Mae is Providing Greater Liquidity to the Mortgage Market, 4/16/20: COVID-19 Foreclosure Prevention Fraud and Other Scams, 4/15/20: Single-Family COVID-19 Forbearance Script, 4/14/20: Single-Family COVID-19 Servicer Webinar Recording (Fannie Mae Connect credentials required), 4/7/20: Multifamily Lender Letter 20-06, Loan Document Update, 4/7/20: Multifamily Lender Letter 20-05R, COVID-19 Forbearance Process Guidance, 3/25/20: Fannie Mae Multifamily Investor Update Regarding COVID-19. If rental income is not used to qualify the borrower, the requirements of Chapter 5306.1 do not apply. Homeowners and renters who have been financially impacted by COVID-19 or natural disaster can also download our app to find relief options and resources on the go. ... Fannie Mae COVID-19 Updates Fannie Mae LL2020-03 updated from original issuance. No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. About the Mortgage Lender Sentiment Survey, Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, Single-Family Lender Letter (LL-2020-09), Incentive Fees for Retention Workout Options, Single-Family Lender Letter (LL-2020-08), Servicer Principal and Interest Requirements Change, Fannie Mae Announces Updated Protections for Renters Impacted by COVID-19, Fannie Mae Launches "Here to Help" Effort to Help Homeowners and Renters Impacted by COVID-19, Fannie Mae Announces Flexibilities for Refinance and Home Purchase Eligibility, Fannie Mae Announces COVID-19 Payment Deferral, Fannie Mae Helps Multifamily Renters Impacted by COVID-19 With 'Renters Resource Finder', Understand Your COVID-19 Mortgage Options, Multifamily Lender Letter 20-08, COVID-19 Underwriting Guidance, Multifamily Lender Letter 20-07, CARES Act: Paycheck Protection Program, Multifamily Investor Update Regarding COVID-19 Forbearances, Fannie Mae is Providing Greater Liquidity to the Mortgage Market, COVID-19 Foreclosure Prevention Fraud and Other Scams, Single-Family COVID-19 Forbearance Script, Single-Family COVID-19 Servicer Webinar Recording, Multifamily Lender Letter 20-06, Loan Document Update, Multifamily Lender Letter 20-05R, COVID-19 Forbearance Process Guidance, Fannie Mae Multifamily Investor Update Regarding COVID-19. Fannie Mae continues to provide economic relief to borrowers impacted by COVID-19 through its forbearance program. Hourly workers are covered under our variable income policy. The existence of a PPP loan could be helpful information in analyzing the borrower's business. Is it acceptable to only use year-to-date income to calculate qualifying variable income? Together, our shared commitment increases the level of quality and risk oversight delivering certainty to lenders and Fannie Mae. Fannie Mae Disaster Response Network . The extension provides lenders and other stakeholders additional time to prepare and implement the redesigned URLA (Fannie Mae Form 1003). The new mandate date for the use of the redesigned URLA and AUS specifications is Mar. What if the borrower does not have a business depository account but instead uses a personal checking, money market or savings account to manage business finances? If the lender is notified that the borrower is transitioning to a lower pay structure, it must apply due diligence in determining the qualifying income amount. Please refer to Fannie Mae Multifamily Lender Letter 20-05 for guidance as of April 6, 2020. 10-Day Pre-Closing Verification (10-day PCV) A circle with a colored border representing one's progress through a lesson. The lender can continue to deliver loans with loan application dates prior to Jun. If borrowers and renters are having a hard time making their monthly payments, mortgage lenders can offer relief. No. Can proceeds from an SBA PPP or any other similar COVID-19 related loans be considered business assets for the purpose of funding the transaction? The worksheets are: Rental Income Worksheet – Principal Residence, 2– to 4–unit Property , Selling Guide. Additional federal protections Contact your property See LL-2020-03 for details. For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements. The year-to-date income amount being used will account for a decline in income when determining the amount of income to be used for the trending analysis and when determining the amount to be used for qualifying purposes. This replaces the prior language (applicable to loans with application dates beginning on Jun. If loan proceeds from a PPP are reflected in the business depository accounts, can these funds be used to support the business revenue reported on the year-to-date profit and loss statement? Certain types of temporary leave may be eligible for qualifying. Income Guidance Related to COVID-19. If the trending analysis indicates that the current year to date income has declined, but the borrower is actively employed and the lender has no reason to believe that the borrower will not continue to be employed at the current level, the income can be considered stable. COVID-19 (Coronavirus) has affected millions of Americans, through the loss of a job or income, or illness. What are the changes to reviewing a self-employed borrower’s unaudited profit and loss statement and business depository account statements for loans with application dates on or after December 14, 2020? For mortgage loans that are manually underwritten, lenders must follow Selling Guide B3-5.3-02, Payment History; however, lenders are not required to, and should not, consider payments missed during the time of a COVID-19-related forbearance to be historical delinquencies or derogatory credit. Selling, Securitizing, and Delivering Loans, Research COVID-19 (Coronavirus) has affected millions of Americans, through the loss of a job or income, or illness. In addition to the year-to-date profit and loss statement and three months business depository account statements, as applicable, the lender can continue to follow the DU message for the required level of self-employment income documentation. In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas that support selling mortgage originations. Center, Apps If the borrower has a federal student loan that is in a COVID-related automatic forbearance, can the monthly payment be excluded from the borrower’s DTI ratio if it has been paid by another party? If borrowers and renters are having a hard time making their monthly payments, mortgage lenders can offer relief. & Insights, Pricing & Visit Selling and Servicing Guide Communications and Forms. Rental Income Calculation Worksheets. This may be less than the year-to-date average represented on the year-to-date profit and loss statement based on the timeframe the business was impacted. 15, 2020, if a self-employed borrower has not filed 2019 income tax returns, is an audited Profit and Loss Statement for 2019 required in order to support qualifying income? In those cases, the reduced amount of declining variable income can only be used for qualifying if it has since stabilized and there is no reason to believe the borrower will not continue to be employed at the current level. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until August 31, 2020 to ensure continued support for borrowers during the COVID-19 national emergency. If the COVID-19 pandemic has caused job loss, income reduction, sickness, or other issues that impact your ability to pay your home mortgage or rent, relief options are available — find details here and take action now. In accordance with Selling Guide, B3-6-05, Monthly Debt Obligations, non-mortgage debts paid by others can be excluded from the borrower’s DTI ratio with documented evidence that the other party has been making the payments for at least 12 months and the payment history indicates there are no delinquencies. The flexibilities were set to expire on October 31, 2020. If you have additional questions, Fannie Mae customers can visit Ask Poli to get And, if Fannie Mae owns your mortgage loan, our Disaster Response Network™ (DRN) can help you navigate the mortgage relief process and address other financial challenges. 11, 2020. If you live in a rental property financed by Fannie Mae, and your employment or income have been affected, we can help you navigate your financial challenges with our Disaster Response Network. Under the mortgage assistance program, the city will use $6.1 million in federal grants and local funds to finance rent and mortgage payments for low to moderate income residents. For best results, pose your search like a question. Keeping our Capital Markets desks open and trading mortgage-backed securities (MBS). – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until November 30, 2020. Documentation ) to determine the current situation, and reserves business revenue, property owners, discover! The COVID-19 National emergency payments would be expected to be waived in with! For example, if an hourly borrower is working less hours now than they worked earlier the! 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