Today Fannie Mae published a Lender Letter providing guidance to servicers of its single-family mortgage loans about their responsibilities in helping to implement the Emergency Homeowners' Loan Program (the "EHLP") being administered by HUD under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The EHLP is designed to provide mortgage payment relief to eligible borrowers experiencing a reduction in income due to involuntary unemployment or underemployment arising from adverse economic conditions or a medical emergency. The Lender Letter describes the terms of the program and directs servicers of single-family mortgage loans owned or guaranteed by Fannie Mae to work closely with HUD, state housing finance agencies and others delegated by HUD to help implement the program. Investors may consult the Lender Letter for specific details of the program and procedures.
Investors may also contact our Fixed-Income Securities Helpline at 1-800-BEST MBS (1-800-237-8627) if they have additional questions.
Originally Published: July 6, 2011