June 11, 2020 / Source: FHFA

News Release

FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Through July

FOR IMMEDIATE RELEASE

6/11/2020

Washington, D.C. – The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include:

• Alternative appraisals on purchase and rate term refinance loans;
• Alternative methods for verifying employment before loan closing;
• Expanding the use of power of attorney and remote online notarizations to assist with loan closings; and
• Authority to purchase mortgages in forbearance. 

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.4 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.

Contacts:

Media: Raffi Williams [email protected]