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FHFA Extends Fannie, Freddie COVID-Policies Through September
The Federal Housing Finance Agency (FHFA) has extended Fannie Mae’s and Freddie Mac’s COVID-19-related policies through Sept. 30, 2020.
The policies consist of the temporary measure allowing the purchase of qualified loans in forbearance, allowing alternative methods for documenting income and verifying employment as well as expanding the use of power of attorney and remote online notarizations. The policies were originally set to expire Aug. 31.
“MBA and its members appreciate FHFA and the GSEs extending these important features,” said Bob Broeksmit, CEO and president of the Washington, D.C.-based Mortgage Bankers Association in a statement. “Both the origination flexibilities and the program to purchase loans in forbearance are providing important stability to the mortgage market during the pandemic. The announcement will enable lenders to continue to make low-rate mortgage financing readily available to consumers and avoid the inevitable credit tightening that would have resulted from their expiration.”
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