Fannie Mae issued Lender Letter LL-2020-05: Payment Deferral (Letter). The Letter introduces payment deferral, a new home retention workout option for borrowers who have resolved a temporary hardship and resumed their monthly contractual payments but cannot afford a full reinstatement or repayment plan. Servicers may begin evaluating borrowers for payment deferral on July 1, 2020, and must do so no later than January 1, 2021.
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