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 February 28, 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.