FHFA Announces Additional Extension of COVID-19 Flexibilities

To continue providing support to mortgage borrowers during the coronavirus pandemic, the Federal Housing Finance Agency announced that it would again extend certain previously announced loan processing flexibilities and the purchasing of qualified loans in forbearance until Oct. 31. These flexibilities were put in place as part of the FHFA’s COVID-19 response and were set to expire on Sept. 30.

The extended loan processing flexibilities include allowing alternative appraisals on purchase and rate term refinance loans, allowing alternative methods for documenting income and verifying employment, and expanding the use of power of attorney to assist with loan closings.