On 11/13/2020, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac extended several loan origination flexibilities until December 31, 2020. Most recently set to expire on 11/30/2020, the extended flexibilities include:
Alternative appraisals on purchase and rate term refinance loans;
Alternative methods for documenting income and verifying employment before loan closing; and
Expanding the use of power of attorney to assist with loan closings.
The full FHFA release can be found here.