According to a recent DSnews report, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend their single-family moratorium on foreclosures and evictions until at least August 31, 2020. The current moratorium was set to expire on June 30, so they are being given an extra two months. The FHFA is trying to aid borrowers and renters who are at risk of losing their home due to the COVID-19 outbreak. Director Mark Calabria stated, “To protect borrowers and renters during the pandemic we are extending the Enterprises’ foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home”.
Earlier this month the agency announced that they are extending several loan origination flexibilities to help borrows during the COVID-19 national emergency. This included the authority to purchase mortgages in forbearance, until at least July 31. Other flexibilities that have been extended include: alternative appraisals on purchase and rate term refinance loans, alternative methods for verifying employment before loan closing, and expanding the use of power of attorney and remote online notoriations to assist with loan closing. “FHFA has determined that it is prudent to work with the Enterprises to reassess and re-propose these requirements, including incorporating lessons learned from the evolving COVID-19 national emergency,” the Agency said in a release. Additionally they added that they will continue to monitor the COVID-19 situation and update policies as needed.
Click here to read the full DSnews report and learn more!
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