Fannie Mae issued an update to Lender Letter LL-2024-02 to clarify that, when determining the final Fannie Mae Flex Modification terms, the servicer must use the same interest rate as established when determining the terms for the Trial Period Plan. The clarification is effective upon the servicer’s implementation of the updated Fannie Mae Flex Modification policy. The updated policy must be implemented no later than December 1, 2024 (servicers are, however, encouraged to begin implementation as early as November 1, 2024.)
Click to view the Fannie Mae Update to Lender Letter LL-2024-02: https://www.tenaco.com/wp-content/uploads/2024/10/Fannie-Mae-Update-to-Lender-Letter-LL-2024-02-10-02-24.pdf
