The Federal Housing Finance Agency announced Wednesday that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities through May 31, while allowing some to expire at the end of April.
Originally enacted early in the Covid-19 pandemic, alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be extended through May 31, FHFA said.
Flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30. Additionally, FHFA expects to retire all temporary selling flexibilities on May 31, 2021.