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The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until Dec. 31, 2020.
The FHFA approved the extensions in support of borrowers who have been affected by the COVID-19 pandemic, as well as those who are looking to purchase a home during the current national emergency. Initially, the current flexibilities were set to expire on Nov. 30, 2020.
These extensions include alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before loan closing and the use of a power of attorney to assist with loan closings.