On April 22, 2020, the Federal Housing Finance Agency announced that it is allowing Fannie Mae and Freddie Mac (the “GSEs”) to purchase loans that go into forbearance within the first month after closing. Previously, the GSEs were not permitted to purchase loans that were in forbearance. According to the FHFA, this change, prompted by the rising number of forbearances due to the COVID-19 pandemic, is geared toward the purpose of keeping the mortgage market “working for current and future homeowners during these challenging times.”
Guide bulletins issued by the GSEs ...
On April 14, 2020, the Consumer Financial Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) issued an interagency statement advising financial institutions of existing flexibilities and exceptions that may be useful during the COVID-19 pandemic with respect to real estate evaluations and appraisals.
- Physical Property Inspections
Currently, exterior and interior property inspections are not required by the appraisal ...