FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities have subsequeently been extended until March 31, 2021:

  • Alternative appraisals on purchase and rate term refinance loans;
  • Alternative methods for verifying employment before loan closing;
  • Expanding the use of power of attorney and remote online notarizations to assist with loan closings; and
  • Authority to purchase mortgages in forbearance.
 

COVID Resources

          New York Department of Financial Services–Industry Letters