The Federal Home Loan Banks’ Mortgage Partnership Finance program today released a statement outlining temporary policies to enable servicers to assist borrowers affected by the coronavirus pandemic. MPF participants are expected to abide by all federal or state laws and proclamations that may affect borrowers affected by the virus, the FHLBs said.
The policies also pointed institutions and servicers to particular guidelines when originating, delivering or servicing various types of loans under the MPF program. For example, MPF Xtra loans must follow the disaster relief policies and guidance issued by Fannie Mae.
The statement also noted that servicers must suspend all foreclosure sales and evictions for the next 60 days, unless the property has been determined to be vacant or abandoned. It also addresses forbearance, credit bureau reporting and more.