FHFA Further extends COVID-Related Loan Flexibilities
FHFA Further Extends COVID-Related Loan Flexibilities
FOR IMMEDIATE RELEASE
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 methods for documenting income and verifying employment before loan closing; and
Expanding the use of power of attorney to assist with loan closings.
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.