FannieMae Offers Info And Help To Disaster Victims On Their Backed Home Loans
Editors Note: If you are unsure if your home loan is backed by or a part of FannieMae, please check with the financial institution that you make your house payments to, and they will be able to give you this information.
How to Respond in the Event of a Disaster
When a significant disaster occurs that adversely affects either the value or habitability of mortgaged properties or borrower’s ability to make further payments or payments in full on mortgage loans, we may issue special announcements such as press releases, Guide Announcements, Lender Letters, or Notices with updates or temporary relief policies.
Refer to the Selling Guide and Servicing Guide
For mortgage loans not yet acquired by Fannie Mae, the Selling Guide describes our policies related to properties affected by a disaster. We also provide relief by providing lenders with mortgage loan flexibilities for borrowers seeking a mortgage loan following a disaster. Our servicing policies related to disasters are included the Servicing Guide and may be amended by Servicing Guide Announcements or Lender Letters.
Where to Find Selling Guide Requirements for Disaster Relief
Our selling policy covering disasters can be found in the Selling Guide in the following topics:
B2-3-05, Properties Affected by a Disaster;
B3-4.3-07, Disaster Relief Grants or Loans;
B5-4-02, Disaster-Related Limited Cash-Out Refinance Flexibilities; and
B5-5.2-01, DU Refi Plus and Refi Plus Eligibility.
In addition, borrowers may use lump-sum disaster-relief grants or loans to satisfy Fannie Mae’s minimum borrower contribution requirement.
Where to Find the Servicing Guide Requirements for Disaster Relief
Our servicing policy covering disasters can be found in the Servicing Guide in Chapter D1-3: Providing Assistance to a Borrower Impacted by a Disaster.
