WASHINGTON—The Federal Housing Finance Agency (FHFA) has extended several of its efforts intended to provide relief to borrowers for government-sponsored enterprise (GSE) loans amid the coronavirus pandemic.
NAFCU reported the FHFA has extended to at least June 30:
- 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 inspecting) to allow renovation disbursements (draws)
- Expanded use of power of attorney and remote online notarizations to assist with loan closings
Prior to the extension, the appraisals and employment verification alternatives had been set to expire May 17. Fannie Mae and Freddie Mac have pages devoted to coronavirus resources and guidance available online.