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12.2.2.3 Late Charge Suspension

Past versions of Fannie Mae’s Servicing Guide have contained a requirement for servicers to waive late charges caused when a borrower “incurred additional expenses or loss of income due to the disaster or needs additional time to receive a pending insurance settlement.”107 However, the current version of the Servicing Guide addresses only required suspension of assessment or collection of late charges during forbearance.108

Footnotes

  • 107 Fannie Mae, Single-Family Servicing Guide former D1-3-01 (as published Apr. 11, 2018), Evaluating the Impact of a Disaster Event and Assisting a Borrower.

  • 108 Fannie Mae, Single-Family Servicing Guide, D2-3.2-01, Forbearance Plan.