Newsroom
FHFA extends GSE’s loan origination flexibilities
The Federal Housing Finance Agency (FHFA) announced Friday that the government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac - will extend several loan origination flexibilities until Dec. 31, 2020 to ensure continued support for borrowers amid the ongoing coronavirus pandemic.
The flexibilities which were previously set to expire Nov. 30, include:
- alternative appraisals on purchase and rate term refinance loan;
- alternative methods for documenting income and verifying employment before loan closing; and
- expanding the use of power of attorney to assist with loan closings.
View the full release. Fannie Mae and Freddie Mac have pages devoted to coronavirus resources and guidance available online. Earlier this week, the FHFA also extended its temporary policy allowing the government-sponsored enterprises (GSEs) to purchase certain single-family mortgage loans in forbearance to Dec. 31, 2020.
The FHFA previously extended its moratorium on foreclosures and evictions through the end of the year. Additionally, the agency has indicated that it will continue to monitor the effect of the coronavirus on renters, borrowers, and the mortgage market and update policies as needed.
NAFCU will continue to monitor the FHFA's efforts to support liquidity in the mortgage market and work with the agency to ensure credit unions' concerns are addressed.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.