Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) has extended several of the ” flexibilities ” it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. The accommodations are designed to eliminate some in-person contact and to make it possible to for processing staff to work from remote locations. Originally intended to remain in effect for loans with application dates on or before May 17, the following are now extended to at least June 30 th . Use of exterior only or Desktop appraisals for purchase and rate term refinances where complete interior and exterior appraisals cannot be obtained due to virus fears. Flexibility for borrowers to provide documentation (rather than requiring an inspection…(read more)

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Source: Mortgage News Daily