The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities until May 31, 2021, including alternative appraisals on purchase and rate-term refinance loans.
All temporary flexibilities were originally set to expire on April 30, 2021.
Those temporary flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30, 2021.
Due to low usage of the temporary flexibilities, FHFA expects to retire all temporary selling flexibilities on May 31, 2021.
View the FHFA press release.