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Servicers get guidance in preparation for work
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Servicers got some guidance Monday for navigating busy times ahead, after a pair of announcements by federal housing agencies last week provided a halt to foreclosures and a requirement to offer forbearance to borrowers affected by COVID-19 for as many as 12 months.
Fannie Mae released a letter to servicers detailing some of the main points they should consider as borrowers potentially enter loss mitigation options.
Read on for details from the federal agencies, as well as reaction from the Consumer Financial Protection Bureau.
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