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Fannie and Freddie extend COVID-19 loan flexibilities
The FHFA has announced that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and other loan origination flexibilities until September 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on August 31, 2020. Extended flexibilities include:
- 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; and
- Expanding the use of powers of attorney to assist with loan closings.