The program response to COVID-19 includes funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act (S.3548 – 116th Congress (2019-2020)) and reprogrammed TDHCA funds. Can the lender use the year-to-date profit and loss statement to calculate qualifying income? Can lenders continue to use capital gains and interest and dividend income for qualifying a borrower? Fannie Mae publishes four worksheets that lenders may use to calculate rental income. Lenders must utilize these additional documents along with the standard documentation required in the Selling Guide (B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower) when calculating the income used to qualify the borrower. Lenders must obtain the additional documentation, such as an audited profit and loss statement, or an unaudited profit and loss statement and three months’ business depository account statements and assess the impact to the business and adjust income accordingly. 11, 2020. LL-2020-03, Impact of COVID -19 on Originations and LL-2020-04, In this case the lender must confirm the cyclical nature of the business income and assess the impact of the pandemic on business operations. Certain types of temporary leave may be eligible for qualifying. No. When the borrower experiences a gap of employment due to COVID-19 and their source of income is variable, is there a minimum amount of documented time the borrower is required to be back at work after the gap period? A verification of the income directly from the employer or the Work Number database. This income is not stable, predictable, or likely to continue and therefore does not meet the requirements in Selling Guide B3-3.1-01, General Income Information; Continuity of Income. In the event the current value of the underlying asset indicates an increased amount of capital gains or interest or dividends, the lender should continue to use a two-year average calculated using the borrower’s tax returns. The Multifamily team is here to support our lender customers, property owners, and their residents. 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. The year-to-date income amount being used will account for a decline in income when determining the amount of income to be used for the trending analysis and when determining the amount to be used for qualifying purposes. Streamline your refinance process. In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas that support selling mortgage originations. If you have questions about specific deals, please contact your Deal Team. We recommend that you use the latest version of FireFox or Chrome. 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. If the lender did not obtain any type of additional self-employment income documentation on loan applications taken before Jun. 11, 2020, without the additional level of documentation provided the lender determines the income amount used for qualifying purposes is stable and likely to continue by performing a self-employment income analysis in compliance with Selling Guide requirements. Retail electric providers must also suspend disconnections for residential customers who have been added to the state’s unemployment and low-income list due to the effects of COVID-19. If rental income is not used to qualify the borrower, the requirements of Chapter 5306.1 do not apply. How should I treat non-mortgage debt (for example, student loans, auto loans, etc.) If the income is derived from a property that is not the subject property, there are no restrictions on the property type. Fannie Mae partners with lenders to decrease risk. Audit profit and loss statements should be prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and audited by an independent certified public accountant who provides an opinion on whether the profit and loss statements are presented fairly, in all material respects, in accordance with U.S. GAAP. The lender must continue to consider expenses reported on the profit and loss statement when assessing the impact of COVID-19 on the business. Emergency Rental and Mortgage Assistance Program (ERMA) ERMA can provide rental and mortgage assistance to low-income households who have been impacted by the crisis and may not be eligible for RAFT. What if the borrower does not have a business depository account but instead uses a personal checking, money market or savings account to manage business finances? With mortgage rates near all-time lows, the demand for refinancing remains high despite the COVID-19 pandemic. Refer to B3-3.1-01, General Income Information. For example, as stated in Lender Letter 2020-03, if the YTD P&L identifies a significant imbalance between expenses and revenue that could impact the financial stability of the business, additional documentation such as an updated business plan may be required. 12/10/20: Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, 12/10/20: Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, 12/9/20: Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, 11/18/20: Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, 11/13/20: Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, 7/15/20: Single-Family Lender Letter (LL-2020-09), Incentive Fees for Retention Workout Options, 7/15/20: Single-Family Lender Letter (LL-2020-08), Servicer Principal and Interest Requirements Change, 7/15/20: Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, 7/15/20: Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, 7/9/20: Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, 7/9/20: Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, 6/29/20: Fannie Mae Announces Updated Protections for Renters Impacted by COVID-19, 6/11/20: Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, 5/26/20: Fannie Mae Launches "Here to Help" Effort to Help Homeowners and Renters Impacted by COVID-19, 5/19/20: Fannie Mae Announces Flexibilities for Refinance and Home Purchase Eligibility, 5/13/20: Fannie Mae Announces COVID-19 Payment Deferral, 5/7/20: Fannie Mae Helps Multifamily Renters Impacted by COVID-19 With 'Renters Resource Finder', 4/27/20: Understand Your COVID-19 Mortgage Options, 4/24/20: Multifamily Lender Letter 20-08, COVID-19 Underwriting Guidance, 4/23/20: Multifamily Lender Letter 20-07, CARES Act: Paycheck Protection Program, 4/23/20: Multifamily Investor Update Regarding COVID-19 Forbearances, 4/22/20: Fannie Mae is Providing Greater Liquidity to the Mortgage Market, 4/16/20: COVID-19 Foreclosure Prevention Fraud and Other Scams, 4/15/20: Single-Family COVID-19 Forbearance Script, 4/14/20: Single-Family COVID-19 Servicer Webinar Recording (Fannie Mae Connect credentials required), 4/7/20: Multifamily Lender Letter 20-06, Loan Document Update, 4/7/20: Multifamily Lender Letter 20-05R, COVID-19 Forbearance Process Guidance, 3/25/20: Fannie Mae Multifamily Investor Update Regarding COVID-19. If the Renters Resource Finder confirms that Fannie Mae financed the apartment complex where you live, you may also be eligible for COVID-19-related tenant protections. Does the lender need to consider a Paycheck Protection Program (PPP) loan in the borrower’s DTI? COVID-19 UPDATE: Find out how Fannie Mae is responding. Our … Lenders can continue to waive business income tax returns when the requirements of the Selling Guide are met. Homeowners who lost income due to COVID-19 could get relief, as could renters if their landlords seek assistance. And, if Fannie Mae owns your mortgage loan, our Disaster Response Network™ (DRN) can help you navigate the mortgage relief process and address other financial challenges. 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) . 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. No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. Three vertical lines aligned to the left. An SBA PPP or any other similar COVID-19 related loans are designed to provide short-term relief whereas the payroll, rent/mortgage payments and utilities are ongoing business expenses; therefore, those expenses must be considered in the analysis. Use of these worksheets is optional. Our teams are fully operational and ready to execute your multifamily business. We’re here to help. The net rental income calculation is not reduced by the mortgage payment (which is always treated as a liability and included in the debt-to-income ratio). If the lender determines that the business has not been adversely impacted and the amount of income calculated following standard 1084 methodology is accurate and meets the requirements outlined in Selling Guide. For student loans, if the monthly payment is provided on the credit report, the lender may use that amount for qualifying purposes. Fannie Mae partners with lenders to decrease risk. See LL-2020-03 for details. The income may not be used for qualifying. Published December 16, 2020. No, Fannie Mae’s existing policies related to disasters do not apply to loans impacted by COVID-19. In no instance may income be averaged over the period of declination. 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 lender must continue to use the required level of tax return documentation to calculate self-employment income. As a DUS lender, you can grant forbearance to a customer with the delegation Fannie Mae provided you. Note: This guidance was updated due to the CARES Act. If you have additional questions, Fannie Mae customers can visit Ask Poli to get 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. If the current value of the asset indicates a reduced amount when compared to historical levels, the lender must use the lower amount provided it is deemed stable at the current level. Supporting customers as they manage their pipeline — from hedging to funding loans — to minimize risk in this volatile market. Do the temporary requirements for self-employed income announced in Lender Letter 2020-03 apply to the High Loan-to-Value Refinance Option? The temporary requirements apply to mortgages described in B5-7-03, High LTV Refinance Alternative Qualification Path. Please visit our Single-Family Here to Help page for the latest guidance and policy information related to COVID-19. This replaces the prior language (applicable to loans with application dates beginning on Jun. A verification of the income directly from the employer or the Work Number database. Fannie Mae Disaster Response Network . Three vertical lines aligned to the left. Do Fannie Mae’s existing disaster policies in the Selling Guide apply to the COVID- 19 pandemic? Rental Income Calculation Worksheets. If the borrower is furloughed but continues receiving income for a specified period of time, such as four weeks, can the income be used for qualifying? 15, 2020, if a self-employed borrower has not filed 2019 income tax returns, is an audited Profit and Loss Statement for 2019 required in order to support qualifying income? Under the CARES Act, PPP loan terms allow deferred payments for a specified period, no personal loan guarantee, and the potential for all or some portion of the loan to be forgiven. Mortgagee Letter 2020-23, Continued 4 Rental Income In addition to the requirements in SF Handbook 4000.1 Sections II.A.4.c.xii(I) and II.A.5.b.xii(I) Rental Income (TOTAL and Manual) and Section 3.50 through Section 3.55 of the HECM Financial Assessment and The lender can continue to deliver loans with loan application dates prior to Jun. Ask Poli. We will continue to update this page with the latest resources and information, so please check back often. 14 ... Bulletins, Documentation and Rental Income Matrix Calculating Income. Having Issues with Seeing this Page Correctly? 10-Day Pre-Closing Verification (10-day PCV) A circle with a colored border representing one's progress through a lesson. – 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. In addition, lenders must apply the age of document and other requirements and guidance in LL-2020-03 for any market-based assets in the trust account required for the transaction. CONFIDENTIAL Bulletin 2020-5 & 2020-23 Calculating Income 28 Lenders must continue to analyze the impact of the pandemic on the business income used in qualifying as outlined in LL 2020-03. Fannie Mae Disaster Response Network . Continuing to fulfill our mission is our priority. Please contact your property manager or building owner for more information. information from other Fannie Mae published sources. While two years of tax returns are still required to demonstrate a stable history of capital gains and interest and dividends income, lenders must consider the current value of the underlying asset when evaluating income for qualifying purposes. However, lenders are not required to obtain a copy of the IRS Form 4868 (Application for Automatic Extension of Time to File U.S. The loan file must include other supplemental documentation, such as business contracts or additional depository account statements, to support the continuing nature of the amount of self-employment income used to qualify the borrower. Yes, lenders can continue to follow the requirements in the B3-4.3-02, Trust Accounts. All essential functions are fully operational. Instead, lenders can follow the guidance in Lender Letters LL-2020-03, Impact of COVID-19 on Originations, and LL-2020-04, Impact of COVID-19 on Appraisals. Mortgage & Rental Payment Histories-All Transactions (effective 4/29/2020-updated 7/28/2020) AIG is providing overlays to Fannie Mae’s temporary Purchase and Refinance eligibility requirements, announced in LL- 2020-03 and updated 7/9/2020; Please reach out to your landlord or property manager to determine if these protections are applicable to you. No. 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. Fannie Mae's Disaster Response Network has published a guide for renters affected by the coronavirus (COVID-19). Learn more. Yes. Individual Income Tax Return) filed with the IRS, until the point at which the tax deadline extension has expired. The DeSoto Residential Assistance Program will provide financial assistance with rent/mortgage, qualifying utility … all other Selling Guide requirements have been met (for example, evidence of 12 total payments, either monthly or in aggregate, on the omitted debt). If your apartment or rental unit is in a multifamily building financed by Fannie Mae, and your employment or income have been affected, we can help you navigate your financial challenges with our Disaster Response Network. When the current level is less than the calculated amount, the lender must adjust the income downward to reflect the current level of stable income. Many renters are affected by the devastating impact of the coronavirus, or COVID-19. Does the lender need to consider a Paycheck Protection Program (PPP) loan when analyzing a self-employed borrower? Events, Temporary Purchase & Refinance Eligibility, A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility, B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower, B5-7-03, High LTV Refinance Alternative Qualification Path, A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties for Mortgages Submitted to DU, B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, How to do a hard refresh in Internet Explorer. Lender Letter 2020-03 requires certain additional self-employment income documentation for all loan applications taken on or after Jun. Fannie Mae Provides Assistance to Help Renters Impacted by COVID-19 Stay in Their Apartments. New Resource is Part of Broader Effort to Help People Remain in Their Homes. If you still have Technical Support questions, Lease agreements do not need to meet the Age of Documentation requirements. What should the lender do when informed of a change in the borrower’s pay structure? The worksheets are: Rental Income Worksheet – Principal Residence, 2– to 4–unit Property , information from other Fannie Mae published sources. Fannie Mae’s renter hotline number is 1-877-542-9723 and Freddie Mac’s renter hotline number is 1-800-404-3097. Please refer to Fannie Mae Multifamily Lender Letter 20-05 for guidance as of April 6, 2020. For best results, pose your search like a question. Remaining focused on our mission to provide liquidity to the market. Yes, however, lenders should apply additional due diligence to capital gains and interest and dividend income since it is calculated using a historical view which may not be sustainable given current market volatility. Please visit our COVID-19 Investor Resources page for the latest investor news and information related to COVID-19. No, loan proceeds are not considered business assets for the purpose of qualifying the borrower and cannot be used to fund the down payment, closing costs or satisfy reserve requirements. A hard refresh will clear the browsers cache for a specific page and force the most recent Center, Apps The PPP is a loan issued by Small Business Administration lenders under the CARES Act. Income types such as hourly, commission and overtime, are variable by nature. How do the temporary self-employment income policies in LL-2020-03 impact the enforcement relief of representations and warranties when self-employment income is calculated using an approved vendor tool as outlined in Selling Guide A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties for Mortgages Submitted to DU? 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? About the Mortgage Lender Sentiment Survey, Single-Family Lender Letter (LL-2020-04), Impact of COVID-19 on Appraisals, Single-Family Lender Letter (LL-2020-03), Impact of COVID-19 on Originations, Single-Family Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing, Single-Family Lender Letter (LL-2020-07), COVID-19 Payment Deferral, Single-Family Lender Letter (LL-2020-06), Selling Loans in Forbearance Due to COVID-19, Single-Family Lender Letter (LL-2020-09), Incentive Fees for Retention Workout Options, Single-Family Lender Letter (LL-2020-08), Servicer Principal and Interest Requirements Change, Fannie Mae Announces Updated Protections for Renters Impacted by COVID-19, Fannie Mae Launches "Here to Help" Effort to Help Homeowners and Renters Impacted by COVID-19, Fannie Mae Announces Flexibilities for Refinance and Home Purchase Eligibility, Fannie Mae Announces COVID-19 Payment Deferral, Fannie Mae Helps Multifamily Renters Impacted by COVID-19 With 'Renters Resource Finder', Understand Your COVID-19 Mortgage Options, Multifamily Lender Letter 20-08, COVID-19 Underwriting Guidance, Multifamily Lender Letter 20-07, CARES Act: Paycheck Protection Program, Multifamily Investor Update Regarding COVID-19 Forbearances, Fannie Mae is Providing Greater Liquidity to the Mortgage Market, COVID-19 Foreclosure Prevention Fraud and Other Scams, Single-Family COVID-19 Forbearance Script, Single-Family COVID-19 Servicer Webinar Recording, Multifamily Lender Letter 20-06, Loan Document Update, Multifamily Lender Letter 20-05R, COVID-19 Forbearance Process Guidance, Fannie Mae Multifamily Investor Update Regarding COVID-19. WASHINGTON, DC – May 7, 2020 – Fannie Mae (FNMA/OTCQB) announced it has introduced a Renters Resource Finder to help renters facing financial hardship due to COVID-19 understand the options available to them. The extension provides lenders and other stakeholders additional time to prepare and implement the redesigned URLA (Fannie Mae Form 1003). Given that many student loans were placed into an automatic forbearance status and the other party may have missed payments due to the forbearance, we will allow exclusion of the monthly student loan payment if: The borrower is self-employed and owns a business that is closed due to the pandemic. Contact your property In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas that support selling mortgage originations. What if an hourly borrower is working less hours now than they worked earlier in the year prior to the COVID-19 impact? never self-employed income for Fannie Mae or Freddie Mac? We are allowing certain documentation flexibilities due to the unique circumstances resulting from the COVID-19 pandemic to address the issue lenders have raised due to disruption of employer operations and their inability to be reached by phone. Unless the lender has knowledge to the contrary, if the borrower is actively employed, the income does not have a defined expiration date and the applicable history of receipt of the income is documented (per the specific income type), the lender may conclude that the income is stable, predictable, and likely to continue. SUBJECT: SELLING GUIDANCE RELATED TO COVID-19 We continue to work closely with Fannie Mae under the guidance of the FHFA to address the ongoing economic implications and uncertainty related to the coronavirus disease (COVID-19) pandemic and its impacts on Borrowers and ... Age of income and assets documentation For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements. Fannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need. If you are a renter and live in an apartment financed by Fannie Mae, we can help you navigate your financial challenges with the Disaster Response Network. We are releasing information to our customers as quickly as possible and will update and republish these letters as new guidance becomes available. Does the lender remain responsible for the representations and warranties related to the borrower’s employment status when using one of the verbal VOE flexibilities? These FAQs provide additional information on the temporary policies. Hosts in the U.S. will be able to work with participating lenders to recognize Airbnb home sharing income from their primary residence as part of their mortgage refinancing application. 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. If you live in a rental property financed by Fannie Mae, and your employment or income have been affected, we can help you navigate your financial challenges with our Disaster Response Network. 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