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News Release

FHFA Authorizes Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

FOR IMMEDIATE RELEASE
3/31/2020

Washington, DC – The Federal Housing Finance Agency (FHFA) today announced several loan processing flexibilities from Fannie Mae and Freddie Mac (The Enterprises) designed to help their customers.

The flexibilities announced by the Enterprises include:

  • 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 loan processing flexibilities will expedite loan closings and help keep homebuyers, sellers, and appraisers safe during this national emergency," said FHFA Director Mark Calabria.

Link to Fannie Mae announcement

Link to Freddie Mac announcement​​

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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 $6.3 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 (Raphael.WIlliams@FHFA.gov) / Cynthia Adock (Cynthia.Adcock@FHFAgov)

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