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."