Freddie Mac: FHLMC Guide Bulletin 2020-06: Payment Deferral

Freddie Mac: FHLMC Guide Bulletin 2020-06: Payment Deferral

Freddie Mac: FHLMC Guide Bulletin 2020-06: Payment Deferral

Investor Update
March 25, 2020

Source: Freddie Mac

NOTE: This option was developed with Fannie Mae. To view their associated announcement, click the following link:

Fannie Mae Lender Letter LL-2020-05: Payment Deferral

Single-Family Seller/Servicer Guide (Guide) Bulletin 2020-6 introduces Freddie Mac Payment Deferral, an innovative relief option that can help homeowners with an early delinquency due to a short-term hardship situation that has since been resolved.

Payment Deferral provides eligible homeowners with an affordable workout relief that can bring them current with their mortgage, without having to be placed under a repayment plan or have their mortgage term significantly modified via a Flex Modification plan.

Servicers must begin borrower evaluations for the Payment Deferral using the criteria outlined in the Guide no later than January 1, 2021.  However, Servicers may begin using this new option with eligible borrowers as early as July 1, 2020. This is true for all short-term hardships, including a COVID-19-related hardship.

The Bulletin also includes a few Servicing Gateway access request form updates and other Guide changes and reminders that may be important to your servicing operations.