On March 28, 2020, Freddie Mac published Bulletin 2020-4 regarding temporary servicing requirements due to the impact of Coronavirus COVID-19. Freddie Mac is working together with Fannie Mae under the guidance of the Federal Housing Finance Agency (FHFA) to provide temporary measures so that lenders can better assist borrowers who are experiencing a hardship resulting from COVID-19. This includes borrowers who have not contracted COVID-19, but whose ability to make timely mortgage payments has been negatively affected as a result of COVID-19. Bulletin 2020-4 covers the following items and will updated and republished as new guidance becomes available:
- Credit reporting requirements.
- Forbearance plans.
- Loan modifications.
- Foreclosure sale moratorium.
The credit reporting, forbearance plan, and loan modification guidance announced in Bulletin 2020-4 is effective immediately. Servicers must suspend all foreclosure sales for the next 60 days; this excludes properties that have been determined to be vacant or abandoned.