FHFA Again Extends Flexible Fannie, Freddie Rules

ByTMN Editor Reading Time: 1 minute

One month at a time.

The Federal Housing Finance Agency on Wednesday announced that Fannie Mae and Freddie Mac again extend flexible policies put in place in response to the COVID-19 pandemic, including buying loans in forbearance.

“Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic,” FHFA Director Mark Calabria said.

The extensions cover:

  • Buying qualified loans in forbearance.
  • Alternative appraisals on purchase and rate-term refinance loans.
  • Alternative methods for documenting income and verifying employment before loan closing.
  • Expanding the use of power of attorney to assist with loan closings.

The extension is through Sept. 30. The policies had been set to expire on Monday.