On May 5, 2020, the Federal Housing Finance Agency (FHFA), extended several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac 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.

The FHFA release 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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