On 2/10/21, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will extend several loan origination flexibilities until March 31, 2021. The changes are designed to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on February 28, 2021.

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.

FHFA’s 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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