FHFA Extends COVID-Related Loan Processing Flexibilities – NMP Skip to main content

FHFA Extends COVID-Related Loan Processing Flexibilities

Jul 09, 2020
FHFA headquarters
Senior Editor

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until August 31, 2020 to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on July 31, 2020. 
 
Extended flexibilities include:
• Alternative appraisals on purchase and rate term refinance loans;
• Alternative methods for documenting income and verifying employment before loan closing; and
•  Expanding the use of power of attorney and remote online notarizations to assist with loan closings.
 
There has been an impressive uptick in remote online notarizations (RONs) as well, and by all indications are here to stay.
 
"Legislators expedited RON legislation; governors enacted temporary orders allowing for RON and remote ink-signed notarizations (RIN) during COVID-19; underwriters adapted their guidelines to enable RON; and government-sponsored entities (GSEs) including Fannie Mae and Freddie Mac led the way in updating their requirements to allow for RON," according to a Qualia report. "Qualia’s survey data between March/April 2020 and May 2020 indicates growth in acceptance and usage of RON among title & escrow companies. Between Match/April and May, RON usage increased from 24% to 33%."
About the author
Senior Editor
Keith Griffin is a senior editor at NMP.
Published
Jul 09, 2020
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026