FHFA Announces Fannie Mae and Freddie Mac Will Continue Purchasing Loans in a COVID-19 Forbearance (UPDATED)

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On September 24, 2020, the Federal Housing Finance Agency (FHFA) announced the extension of the purchase of loans in a COVID-19 forbearance by Fannie Mae and Freddie Mac through October 31, 2020. Additionally, FHFA announced that Fannie Mae and Freddie Mac will extend various loan origination flexibilities due to COVID-19 through October 31, 2020. As previously reported, in August 2020 FHFA announced the extension of the purchase of loans in a COVID-19 forbearance, and the extension of various loan origination flexibilities, through September 30, 2020.

Fannie Mae addresses extensions in updates to Lender Letter 2020-03, Lender Letter 2020-04, and Lender Letter 2020-06. Freddie Mac addresses the extensions in Bulletin 2020-37.

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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