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FHFA Extends Emergency Loan Processing Changes

Wednesday, May 6, 2020

The Federal Housing Finance Agency (FHFA) has extended several of the "flexibilities" it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. The accommodations are designed to eliminate some in-person contact and to make it possible to for processing staff to work from remote locations.

Originally intended to remain in effect for loans with application dates on or before May 17, the following are now extended to at least June 30th.

"These loan origination flexibilities will continue to facilitate loan closings and go a long way to keeping the market functioning effectively during this national emergency," said FHFA Director Mark Calabria. "Today's actions also keep homebuyers, sellers, and appraisers safe."

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