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FHFA Extends Deadline on COVID Related Flexibilities for GSE through July

by Jessica Wilhelmy | Jun 15, 2020

 FHFA Extends Deadline on COVID Related Flexibilities for GSE through July

On June 11th, the Federal Housing Finance Agency (FHFA) extended several loan origination flexibilities offered by Fannie Mae and Freddie Mac until at least July 31st. The extended flexibilities are designed to help borrowers during the COVID – 19 pandemic by easing the loan closing process.

The extended flexibilities 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
  • Authority to purchase mortgages in forbearance
To read the full announcement from FHFA, click here.