WASHINGTON—The Federal Housing Finance Agency (FHFA) announced the government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac - will extend several loan origination flexibilities until Dec. 31, 2020 to ensure continued support for borrowers amid the ongoing coronavirus pandemic.
The flexibilities which were previously set to expire Nov. 30, include:
- Alternative appraisals on purchase and rate term refinance loan
- Alternative methods for documenting income and verifying employment before loan closing
- Expanding the use of power of attorney to assist with loan closings