As the coronavirus pandemic drags into summer, the Federal Housing Finance Agency announced Thursday that it is extending flexible loan origination policies for another month.
The Fannie Mae and Freddie Mac policies, which had been set to expire at the end of July, will be extended until the end of August. They include:
- Alternative appraisals on purchase and rate term refinance loans;
- Alternative methods for documenting income and verifying employment before loan closing; and
- Expanding the use of power of attorney and remote online notarizations to assist with loan closings.