CRT-Eligible Profile Summary
Payment Deferral: A Comparison of Key Terms
Mandatory
Effective Date
Hardship
Delinquency
•
•
Old Payment Deferral
01/01/2021
The financial hardship must be resolved
The homeowner must be capable of
continuing to make the full monthly
contractual mortgage payment, and
The homeowner must be unable to
reinstate the mortgage or afford a
repayment plan to cure the delinquency.
As of the date of evaluation:
•
•
the mortgage must be 30- or 60-days
delinquent; and
such delinquency status must have
remained unchanged for at least three
consecutive months, including the month
of the evaluation (three-month rolling
delinquency).
New Payment Deferral
As early as 07/01/2023 but no later than
10/01/2023
The financial hardship must be resolved,
The homeowner must be capable of
making the full monthly contractual
payment, including the amount required
to repay any escrow shortage amount
over a term of 60 months, and
The homeowner is unable to reinstate
the mortgage loan or afford a repayment
plan to cure the delinquency.
Deferral of at least two and up to and
including six months of past-due P&I
payments (including advanced escrow
and allowable servicing advances paid
to third parties).
12 months cumulative cap of past-due
P&I payments deferred over the life of
the mortgage loan.
No rolling DLQ or Trial Period Plan (TPP)
requirements.
Note: Deferred P&I payments from a
previous disaster payment deferral or a
COVID-19 payment deferral do not count
against the cumulative cap.
.
•
COVID Payment Deferral
02/25/2021
The financial hardship must be resolved,
The homeowner must be able to continue
making the full monthly contractual payment
(including the amount required to repay any
escrow shortage amount over a term of 60
months), and
The homeowner must be unable to reinstate
the mortgage loan or afford a repayment plan
to cure the delinquency.
However, the homeowner must:
be on a COVID-19 related forbearance plan, or
have experienced a financial hardship
resulting from COVID-19 (for example,
unemployment, reduction in regular work
hours, or illness of a homeowner/co-
homeowner or dependent family member)
that has impacted their ability to make their
full monthly contractual payment.
The mortgage loan must:
have been current or less than two months
delinquent as of Mar. 1, 2020, the date of the
National Emergency declaration related to
COVID-19; and
be equal to or greater than one month
delinquent but less than or equal to 18
months delinquent as of the date of
evaluation.
•
Disaster Payment Deferral
10/01/2020
The financial hardship must be resolved,
The homeowner must be able to continue
making the full monthly contractual
payment, and
The homeowner must be unable to reinstate
the mortgage loan or afford a repayment
plan to cure the delinquency.
However, the financial hardship must be related
to a disaster event that results in either:
•
•
the property securing the mortgage loan
experienced an insured loss,
the property securing the mortgage loan is
located in a FEMA-Declared Disaster Area
eligible for Individual Assistance, or
the homeowner's place of employment is
located in a FEMA-Declared Disaster Area
eligible for Individual Assistance.
The mortgage loan must:
•
.
have been current or less than two months
delinquent at the time the disaster occurred;
and
be equal to or greater than one month
delinquent but less than or equal to 12
months delinquent as of the date of
evaluation.
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