On February 10, 2021, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until March 31, 2021. The extended flexibilities include: (1) alternative appraisals on purchase and rate term refinance loans; (2) alternative methods for documenting income and verifying employment before loan closing; and (3) expanding the use of power of attorney to assist with loan closings. These flexibilities aim to support borrowers impacted by the COVID-19 pandemic and were previously set to expire February 28, 2021.

We will continue to monitor for new Fannie Mae, Freddie Mac, and FHFA guidance concerning loan origination flexibilities. Our interactive foreclosure and eviction suspension map, court closure map, RON updates, and more resources are available at our Coronavirus Resource Center.