United States:
Fannie Mae And Freddie Mac Extend Origination Flexibilities Due To COVID-19 - January 15, 2021
20 January 2021
Ballard Spahr LLP
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In coordination with the Federal Housing Finance Agency on January
14, 2021, Fannie Mae in Lender Letter 2021-03 and Lender Letter 2021-04 and Freddie Mac
in Bulletin 2021-1 extended certain loan
origination flexibilities due to COVID-19 from January 31, 2021, to
February 28, 2021.
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.
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