; and (ii) makes a good faith certification that the current economic conditions have made payment deferment relief necessary. (5) Secondary market With respect to a covered loan that is sold on the secondary market, if an investor declines to approve a deferral requested by a lender under paragraph (3), the Secretary shall exercise the authority to purchase the covered loan so that the borrower may receive a deferral under this subsection. (6) Guidance Not later than 30 days after the date of enactment of this Act, the Secretary shall provide guidance on the deferment process described in this subsection. (d) Waiver authority (1) In general The Secretary may waive any requirement that a borrower of a covered loan reduce or eliminate a debt reserve established by the borrower, as a condition of granting a loan de­fer­ment under this section. (2) Conditions The Secretary may provide such a waiver— (A) when a borrower is seeking deferment as the result of an inability to make payments on a covered loan (as defined in subsection (b)(1) because of a temporary cash flow disruption due to the COVID–19 pandemic, if paying down a reserve established by the borrower for debt servicing poses a threat to the continuing financial stability of the borrower; and (B) under other conditions as the Secretary may deem necessary.