CRT-Eligible Profile Summary
Payment Deferral: A Comparison of Key Terms
Borrower
Response
Package (BRP)
Old Payment Deferral
The servicer is authorized to evaluate the
homeowner for a payment deferral without
receiving a complete BRP. When the servicer
offers a payment deferral without receiving a
complete BRP, the servicer is not required to
send an Evaluation Notice, or equivalent.
If the homeowner submitted a complete BRP,
then the servicer must evaluate the
homeowner in accordance with Servicing
Guide, D2-2-05: Receiving a Borrower Response
Package. The servicer is authorized to use an
Evaluation Notice but must make the
appropriate changes as necessary, including to
the applicable Frequently Asked Questions, to
reflect the terms of the payment deferral.
The servicer is not required to perform an
escrow analysis or revoke any escrow deposit
account waiver.
New Payment Deferral
The servicer is authorized to evaluate the
homeowner for a payment deferral without
receiving a complete BRP. When the servicer
offers a payment deferral without receiving a
complete BRP, the servicer is not required to
send an Evaluation Notice, or equivalent.
If the homeowner submitted a complete BRP,
then the servicer must evaluate the homeowner
in accordance with Servicing Guide, D2-2-05:
Receiving a Borrower Response Package. The
servicer is authorized to use an Evaluation
Notice but must make the appropriate changes
as necessary, including to the applicable
Frequently Asked Questions, to reflect the terms
of the payment deferral.
.
COVID Payment Deferral
The servicer must not require a complete
Borrower Response Package (BRP) to
evaluate the homeowner for a COVID-19
payment deferral if the eligibility criteria are
satisfied.
•
Disaster Payment Deferral
The servicer must not require a complete BRP
to evaluate the homeowner for a disaster
payment deferral if the eligibility criteria are
satisfied.
Note: A disaster-related forbearance plan is not
required for purposes of determining
homeowner eligibility for a disaster payment
deferral.
Escrow
62
© 2024 Fannie Mae
The servicer must
confirm that the borrower is current on the
payments of all escrow-related items for non-
escrowed accounts, or
analyze an existing escrow account to
estimate the periodic escrow deposit
required to ensure adequate funds are
available to pay future charges, and
spread repayment of the escrow shortage
amount in equal monthly payments over a
term of 60 months, unless the borrower
decides to pay the shortage amount up-front
or over a shorter period, not less than 12
months.
The servicer must
.
confirm that the borrower is current on
the payments of all escrow-related items
for non-escrowed accounts, or
analyze an existing escrow account to
estimate the periodic escrow deposit
required to ensure adequate funds are
available to pay future charges, and
spread repayment of the escrow shortage
amount in equal monthly payments over a
term of 60 months, unless the borrower
decides to pay the shortage amount up-
front or over a shorter period, not less
than 12 months.
If the servicer chooses to perform an escrow
analysis, any escrow account shortage that is
identified at the time of the disaster payment
deferral must not be included in the non-
interest-bearing balance, and the servicer is not
required to fund any existing escrow account
shortage. In addition, the servicer is not
required to revoke any escrow deposit account
waiver.
In the event the servicer identifies an escrow
shortage as the result of an escrow analysis in
connection with a disaster payment deferral or
as part of the next annual analysis, then the
servicer must spread repayment of the escrow
shortage amount in equal monthly payments
over a term of up to 60 months, unless the
borrower decides to pay the shortage up-front.View entire presentation