Fannie Mae Releases 2017 Lender Letter After Hurricanes Harvey and Irma
Fannie Mae has introduced its 2017 Lender Letter with the majority of it directed to single-family sellers and servicers who have mortgage loans that were impacted Hurricanes Harvey and Irma.
The letter will provide additional clarification after Fannie Mae and Freddie Mac both mad updates following the natural disasters. Additional information in the letter consists of servicing policies and selling policies that are in the process of or have been updated.
"Fannie Mae relies on the Federal Emergency Management Agency’s (FEMA) disaster declaration list for certain aspects of our policy (including the property inspection waiver (PIW) exclusion list)," according to the Lender Letter.
"However, FEMA declaration areas made at a county level may include or exclude areas with actual physical impact of the disaster. Our policies – both in terms of lender obligations and many of the flexibilities offered – apply to any property that may be impacted by the disaster regardless of whether or not the property is within a county listed by FEMA."
That is just a small portion of the extensive letter that the company has put together as it also contains temporary holds on evictions and much more. Click on the image above to read the entire Fannie Mae Lender Letter.