FHFA Extends Loan Processing Flexibilities for GSEs

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.