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News Release

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

FOR IMMEDIATE RELEASE
5/5/2020

​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) extended several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (The Enterprises) designed to help borrowers during the COVID-19 national emergency. Those flexibilities are extended until at least June 30th and include:

  • Alternative appraisals on purchase and rate term refinance loans;
  • Alternative methods for verifying employment before loan closing;
  • 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 to assist with loan closings.​

“These loan origination flexibilities will continue to facilitate loan closings and go a long way to keeping the market functioning effectively during this national emergency,” said FHFA Director Mark Calabria. “Today’s actions also keep homebuyers, sellers, and appraisers safe.”

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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 Raffi.Williams@FHFA.gov

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