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.