MPP Announcement - Payment Deferrals
Last Updated on November 24, 2020
This MPP Announcement includes information on MPP Payment Deferrals due to the COVID-19 pandemic.
The Bank is offering a new solution for servicers to assist borrowers impacted by COVID-19. In addition to a repayment plan or a modification, servicers may now evaluate borrowers for an MPP Payment Deferral. All deferral requests must be submitted to the FHLB Des Moines Mortgage Product group for review via email (MPP@fhlbdm.com) prior to offering an MPP Payment Deferral to a borrower. The PFI or servicer will have to provide evidence that all qualifications are met and must send a copy of the executed deferral agreement to MPP@fhlbdm.com after it is received from the borrower.
Qualifications
- Loan is a conventional loan
- Loan was current or less than 30 days delinquent as of 3/1/2020
- Evidence that the Servicer has assessed the loan is not eligible for a repayment plan of up to 12 months
- Borrower has been on a COVID-19 related forbearance plan that has been previously reported to FHLB Des Moines
- The Property cannot be vacant or condemned
- More than 31 days delinquent but less than 365 days delinquent as of the evaluation date
- Not subject to an active and performing modification or repayment plan
- The deferral must be made in writing and will only be accepted after your request has been emailed to MPP@fhlbdm.com and approved
Questions
Our Mortgage Product Group is ready to assist you with any questions or concerns you may have.
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