July 10, 2020|Client Alerts
On June 8, the Federal Housing Finance Agency (FHFA) announced that it is extending the available date of certain Covid-19 related origination process flexibility modifications for Fannie Mae and Freddie Mac customers. These include:
- 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 of attorney and remote online notarizations to assist with loan closings.
These modifications, which were to expire on July 31, will be extended to August 31.
Buchalter’s Mortgage Banking Practice Group is available to help lenders understand and address Covid-19m related issues. If we can be of assistance and to discuss various options and specific situations, please feel free to contact any of the Buchalter Mortgage Banking Industry Group.
This communication is not intended to create or constitute, nor does it create or constitute, an attorney-client or any other legal relationship. No statement in this communication constitutes legal advice nor should any communication herein be construed, relied upon, or interpreted as legal advice. This communication is for general information purposes only regarding recent legal developments of interest, and is not a substitute for legal counsel on any subject matter. No reader should act or refrain from acting on the basis of any information included herein without seeking appropriate legal advice on the particular facts and circumstances affecting that reader. For more information, visit www.buchalter.com.
