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These FAQs provide additional information on the temporary policies. Can I use the requirements for income while on temporary leave? Does the tax deadline extension issued as a result of the COVID-19 emergency affect documentation requirements? 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. Selling Guide. All essential functions are fully operational. The flexibilities were set to expire on October 31, 2020. No. Please reach out to your landlord or property manager to determine if these protections are applicable to you. 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. Note:  The numbering sequence is from the PDF document that contains all COVID-19 Selling FAQs. New Resource is Part of Broader Effort to Help People Remain in Their Homes. For additional information about rental income see B3-3.1-08, Rental Income. Income types such as hourly, commission and overtime, are variable by nature. For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements. 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. 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? These FAQs provide additional information on the temporary policies. 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. Yes. Yes, lenders can continue to follow the requirements in the B3-4.3-02, Trust Accounts. Fannie Mae Provides Assistance to Help Renters Impacted by COVID-19 Stay in Their Apartments. We will continue to update this page with the latest resources and information, so please check back often. Learn more. Execution, Learning & Insights, Pricing & Keeping our Capital Markets desks open and trading mortgage-backed securities (MBS). For loans meeting the 18 month extended timeframe requirements, the age of document requirements apply at the time of original loan closing only. No. Click below to access COVID-related FAQs, Lender Letters and other resources: Do Fannie Mae’s existing disaster policies in the Selling Guide and the Servicing Guide apply to the COVID-19 pandemic? 10-Day Pre-Closing Verification (10-day PCV) A circle with a colored border representing one's progress through a lesson. As a DUS lender, you can grant forbearance to a customer with the delegation Fannie Mae … Once it has been determined that any portion of the PPP loan must be repaid, follow the Selling Guide requirements for loans paid by a business. 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. An SBA PPP or any other similar COVID-19 related loan or grant is not considered a source of business revenue. In some cases, this may be the borrower’s personal depository accounts used for business purposes. Lenders must continue to analyze the impact of the pandemic on the business income used in qualifying as outlined in LL 2020-03. Please visit Multifamily | COVID-19 for the latest guidance and policy information related to COVID-19. If your mortgage is backed by Fannie Mae… However, please note that furloughed borrowers are currently ineligible under the temporary leave policy. Streamline your refinance process. COVID-19 UPDATE: Find out how Fannie Mae is responding. CONFIDENTIAL Bulletin 2020-5 & 2020-23 Calculating Income 28 Rental Income Matrix Rental income may be used in qualifying the borrower(s) provided the requirements of Guide Section 5306.1 and the documentation requirements contained in Guide Sections 5102.3 and 5102.4 and Chapter 5302 are met. 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. How do lenders determine stability of variable income when a borrower has been impacted by COVID-19? The lender can continue to deliver loans with loan application dates prior to Jun. When variable income is the source of income used in qualifying the borrower(s), lenders must follow the requirements as outlined in B3-3.1-01, General Income Information and perform a trending analysis. – 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. Accordingly, lenders are not required to review the total tax liability reported on IRS Form 4868 and compare it with the borrower’s tax liability from the previous two years as a measure of income source stability and continuance. If the lender confirms the business depository account statements support the level of revenue reported in the unaudited profit and loss statement, what is required related to the review of business expenses? See B3-3.1-09, Other Sources of Income; Temporary Leave Income. 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. Together, our shared commitment increases the level of quality and risk oversight delivering certainty to lenders and Fannie Mae. 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) . Lenders should also include any information or knowledge of any current issues in their analysis of the borrower’s continuance of income source. If you still have Technical Support questions, information from other Fannie Mae published sources. feel free to email. A circle with a colored border representing one's progress through a lesson. 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. Is it acceptable to exclude the payroll and other expenses (e.g., utilities, business rent) covered by PPP loan proceeds when assessing current business cash flow? Continuing to fulfill our mission is our priority. Additional federal protections never self-employed income for Fannie Mae or Freddie Mac? In light of the federal income tax filing deadline extension to Jul. If a VOE indicates the borrower is actively employed, but borrower discloses they are furloughed, what are the next steps? In addition to now requiring three business depository account statements, we have updated the language to provide additional clarity by requiring the review of the depository account statements to support the level of business revenue reported in the current YTD profit and loss statement. Use of these worksheets is optional. This includes determining the monthly year-to-date income amount and comparing that to prior years’ earnings to determine the appropriate amount of qualifying income for the loan transaction. 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. A verification of the income directly from the employer or the Work Number database. The DRN offers support from HUD-approved housing counselors, such as a personalized recovery assessment and action plan, financial coaching and budgeting, and ongoing check-ins. Their call center is open 24/7. Rental Income Matrix Rental income may be used in qualifying the borrower(s) provided the requirements of Guide Section 5306.1 and the documentation requirements contained in Guide Sections 5102.3 and 5102.4 and Chapter 5302 are met. The National Low Income Housing Coalition is tracking which properties are covered by the CARES Act moratorium. The lender is not expected to request additional documentation from the borrower. 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. Current Selling Guide policy requires these income types to be calculated considering the borrower’s history of receipt, the frequency of payment, and the trending of the amount of income being received. Fannie Mae's Disaster Response Network has published a guide for renters affected by the coronavirus (COVID-19). Homeowners who lost income due to COVID-19 could get relief, as could renters if their landlords seek assistance. These loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll. No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. 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.. We recommend that you use the latest version of FireFox or Chrome. If the trend was declining but has since stabilized and there is no reason to believe that the borrower will not continue to be employed at the current level, the current, lower amount of variable income must be used (i.e., the monthly year to date income amount). If rental income is not used to qualify the borrower, the requirements of Chapter 5306.1 do not apply. The PPP is a loan issued by Small Business Administration lenders under the CARES Act. We are working with and following guidance from the Centers for Disease Control and Prevention (CDC) and local health agencies, and we are actively adhering to our corporate internal business continuity and contingency plans. As reflected in LL-2020-03, self-employed borrowers must provide either a 2020 audited year to date Profit and Loss Statement OR a 2020 unaudited year to date Profit and Loss Statement along with three months business depository account statements. 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. 11, 2020. If you have additional questions, Fannie Mae customers can visit Ask Poli to get In no instance may income be averaged over the period of declination. The flexibilities were set to expire on July 31, 2020. If a borrower has a history of renting the subject or another property, generally the rental income will be reported on IRS Form 1040, Schedule E of the borrower’s personal tax returns or on Rental Real Estate Income and Expenses of a Partnership or an S Corporation form (IRS Form 8825) of a business tax return. The new mandate date for the use of the redesigned URLA and AUS specifications is Mar. The COVID-19 pandemic has had a particularly severe impact on renters, minorities, and lower-income households according to the third quarter National Housing Survey®, as the overall results indicate broad financial and employment repercussions due to the virus. Yes. The temporary requirements apply to mortgages described in B5-7-03, High LTV Refinance Alternative Qualification Path. Recommend that you use the latest Investor news and information, so please check back often to! 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