Fannie Mae and Freddie Mac Extend Origination Flexibilities Due to COVID-19 (UPDATED)

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On October 19, 2020, Fannie Mae in updates to Lender Letter 2020-03 and Lender Letter 2020-04, as well as Freddie Mac in Bulletin 2020-40, extended certain loan origination flexibilities due to COVID-19 from October 31, 2020, to November 30, 2020. 

The flexibilities relate to alternative appraisals on purchase and rate and term refinance loans, alternative methods for documenting income and verifying employment before closing, and the expanded use of powers of attorney to assist with loan closings.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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