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
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Jun 02, 2026
Realtor.com Launches AI Home Search Platform Built With Google

New RealAssist tool combines AI, affordability guidance and Google Maps data to engage buyers before they reach lenders

Jun 02, 2026
Another MLS Challenges Zillow In Fight Over Listing Visibility

Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem

May 29, 2026
Gas Prices Are Quietly Reshaping Homebuyer Affordability

Rocket Money data suggests rising fuel costs are adding pressure to already payment-sensitive buyers as mortgage rates remain elevated

May 28, 2026
MISMO Targets Costly TRID Fee Cures With New Mortgage Fee Standardization Framework

MBA’s standards organization says inconsistent fee naming still drives costly redisclosures and rework, with fee-related cures affecting more than 30% of mortgage loans

May 27, 2026
Zillow-Compass Fight Raises Bigger Questions About The Future Of Mortgage Lead Distribution

Legal battle over private listings and MLS access highlights growing competition to control the homebuyer relationship before borrowers reach a loan originator

May 21, 2026