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Fannie Mae and Freddie Mac: Implications of Forbearance and Eviction Moratoriums for Multifamily Lenders, Borrowers

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, March 2, 2021

Recorded event now available

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This CLE course will discuss the implications of loan forbearance and other directives issued by the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac since the beginning of the COVID pandemic, with particular focus on what has changed in documenting and servicing multifamily loans. The panel will also discuss issues lenders must consider when current forbearance and eviction moratoriums expire.


FHFA and the government-sponsored lenders it oversees have issued several directives to support multifamily housing markets during the COVID-19 pandemic. These directives include underwriting, closing, and servicing Fannie and Freddie loans with which borrowers, lenders, and their counsel must comply.

Under the CARES Act, multifamily landlords were temporarily prohibited from evicting residents occupying units in all federally backed properties for nonpayment of rent. The CDC subsequently prohibited eviction of tenants who have experienced economic hardship due to the pandemic. The CARES Act granted Fannie and Freddie borrowers the ability to obtain up to three months of forbearance, which has since been extended to six months for eligible borrowers, and additional relief is likely forthcoming.

Fannie and Freddie lenders and servicers must navigate evolving COVID-19 guidance to document forbearance agreements and ensure that borrowers comply with loan terms and eligibility requirements. Lenders and servicers also must submit periodic loan monitoring information to Fannie and Freddie in connection with loans in forbearance. Perhaps most importantly, the parties must understand the changes to their financing terms once the forbearance and eviction moratoriums are no longer in effect.

Listen as our authoritative panel discusses the impact of forbearance and eviction restrictions on multifamily loans and the next steps for borrowers and lenders when these initiatives are no longer in effect.



  1. FHFA oversight of Fannie Mae and Freddie Mac
  2. CARES Act, CDC, and other tenant eviction moratoriums
  3. Fannie and Freddie forbearance directives
    1. Underwriting parameters
    2. Modifying the loan
    3. Servicing and reporting requirements
  4. Issues to consider upon the termination of forbearance


The panel will review these and other important issues:

  • When are current eviction moratoriums set to expire, and how will that impact the forbearance directives currently in place?
  • How does a lender determine when a borrower is eligible for forbearance?
  • How is forbearance documented and extended?
  • What happens to forborne loan payments when forbearance expires? Do the new payment terms vary with the type of loan program?


Flynn, Michael
Michael C. Flynn

Co-Chair, Consumer Financial Services and Mortgage Regulatory Group

Mr. Flynn applies his unique background as the former Acting General Counsel of HUD, and the former General Counsel of...  |  Read More

Rivers, Dameon
Dameon M. Rivers

Ballard Spahr

Mr. Rivers' national real estate finance practice concentrates on the representation of commercial banks, community...  |  Read More

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