On October 19, 2020, Fannie Mae in updates to Lender Letter 2020-03 and Lender Letter 2020-04, as well as Freddie Mac in Bulletin 2020-40, extended certain loan origination flexibilities due to COVID-19 from October 31, 2020, to November 30, 2020.
The flexibilities relate to alternative appraisals on purchase and rate and term refinance loans, alternative methods for documenting income and verifying employment before closing, and the expanded use of powers of attorney to assist with loan closings.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
