Fannie Mae amended Lender Letter LL-2020-03 to extend temporary verification of employment and power of attorney flexibilities due to COVID-19, and to amend temporary requirements for borrowers using self-employment income to qualify. The temporary flexibilities have been extended through December 31, 2020. The updated requirements for borrowers using self-employment income to qualify now mandate 3 months of bank statements if using an unaudited profit and loss statement (rather than 2 months). The revision related to self-employment income applies to loans with an application date on or after December 14, 2020 (lenders are, however, encouraged to apply the revision immediately).
Click Here to view the Fannie Mae Lender Letter LL-2020-03: https://www.tenaco.com/wp-content/uploads/2020/11/Fannie-Mae-Lender-Letter-LL-2020-03-11-13-20.pdf
