The Federal Housing Finance Agency announced Thursday that it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency.
Originally put in place at the height of the pandemic, this is the second time they have been extended – this time through July 31. They 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.