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Fannie and Freddie expand loan accommodations
- Allowing desktop appraisals on new construction loans;
- Allowing flexibility on demonstrating construction has been completed (alternative to the Completion Report);
- Allowing flexibility for borrowers to provide documentation (rather than requiring an inspection) to allow renovation disbursements (draws); and
- Expanding the use of power of attorney and remote online notarizations.
These accommodations only apply to loans being originated for sale to Fannie or Freddie.