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Financial Services Law Insights and Observations

FHFA extends loan processing flexibilities offered by Fannie Mae and Freddie Mac

Federal Issues Covid-19 FHFA Fannie Mae Freddie Mac Lending Notary Fintech Mortgages

Federal Issues

On May 5, FHFA announced that it extended several loan processing flexibilities offered by Fannie Mae and Freddie Mac to assist borrowers during the Covid-19 emergency. The flexibilities include permitting alternative appraisals for certain loans, alternative methods for verifying employment before loan closing, flexibilities for providing documentation related to renovation draws, and expanding the use of power of attorney and remote online notarization. The flexibilities are extended until at least June 30.

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