News Release

FHFA Further Extends COVID-Related Loan Flexibilities

FOR IMMEDIATE RELEASE

11/13/2020

Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until December 31, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on November 30, 2020.

Extended flexibilities 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 to assist with loan closings.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.6 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.

Contacts:Media: Raffi Williams [email protected] / Adam Russell [email protected]