FHFA again extends forbearance purchases

The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will extend from Sept. 30 to Oct. 31 the deadline on buying qualified loans in forbearance and several loan-origination flexibilities.

Flexibilities include alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before loan closing, and expanded use of power of attorney to assist with loan closings.

ICBA is updating its frequently asked questions on the federal coronavirus response.