FHFA Extends Flexibilities For GSE Customers

May 05, 2020

Director of Events

The Federal Housing Finance Agency has extended a number of loan origination flexibilities for Fannie Mae and Freddie Mac customers, most of which are extended to at least June 30.

These extensions include:

►Alternative appraisals on purchase and rate term refinance loans

►Alternative methods for verifying employment before loan closing
►Flexibility for borrowers to provide documentation (rather than requiring an inspection) to allow renovation disbursements (draws)
►Expanding the use of power of attorney and remote online notarizations to assist with loan closings.

"These loan origination flexibilities will continue to facilitate loan closings and go a long way to keeping the market functioning effectively during this national emergency," said FHFA Director Mark Calabria. "Today’s actions also keep homebuyers, sellers and appraisers safe."

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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May 05, 2020

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