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.
 

RESOURCES

          New York Department of Financial Services–Industry Letters

  • Guidance & List of Essential Services by New York ESD Ref. EO 202.6 (Updated 10/23/2020)

    Industry related Executive Orders issued by Governor Cuomo re: COVID-19

    202.92 Remote electronic Notarization (Original EO 202.7) is extended until February 26, 2021

    202.81 Moratorium on Commercial Foreclosures & Evictions Extended to January 31, 2021

  • 202.72 Time to answer pending summary eviction proceeding for non-payment of rent from Nov. 3rd is 60 days
    202.70 Moratorium on Commercial Foreclosures & Evictions Extended to January 1, 2021
    202.67 Tolls Statute of Limitations until Nov. 3rd **Not Extended Past 11/3**
    202.66 Residential Tenants who experienced financial hardships due to COVID are protected from eviction through Jan. 1, 2021
    202.57 Moratorium on Commercial Tenant Evictions & Commercial foreclosures extended to September 20, 2020
    Judge Marks’ Memo: Revised Procedure for Addressing Residential and Commercial Eviction Proceedings (8/12/2020)
    202.48 Lifted the prohibition of initiation or enforcement of residential mortgage foreclosures and evictions
    202.22  Real Property Tax Law related issues
    202.18  Electronic meetings for non-profits; Condominiums in 1st year of operation; Extension of previous EOs to May 15, 2020
    202.16  No Action/No Filing letters for affordable housing and homeless shelters
    202.14  Increase in fines for non-compliance of social distancing directive
    202.13  Certain construction is exempt from in-person; Modification of Section 576 of the Banking Law
    202.12  Election & Health Issues
    202.9  Mortgage Forbearance
    202.8  Reduce in-person workforce to 100%; Limited Court actions
    202.7  Reduce in-person workforce to 75%; Allow Electronic Notarization
    202.6  Reduce in-person workforce to 50%; Essential Services identified by ESD
    (updated 5/19/2020)
    MBA’s COVID-19 Resource Page

     

    MBA’s COVID-19 Resources for Consumers