To continue providing support to mortgage borrowers during the coronavirus pandemic, the Federal Housing Finance Agency said it would extend until Aug. 31 certain previously announced loan processing flexibilities. These flexibilities—which were set to expire at the end of this month—include allowing alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before loan closing and expanding the use of power ofattorney and remote online notarizations to assist with loan closings.
ABA urges lawmakers to lift regulatory barriers to bank merger, de novo formation
Narrow supervisory standards, inconsistent approval timelines and other regulatory impediments are limiting new bank formation and leading to further consolidation in the financial sector, ABA said.