On 3/31/20, Fannie Mae and Freddie Mac announced through the Federal Housing Finance Agency (FHFA) . 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.

The full FHFA announcement can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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