The Federal Housing Finance Agency (FHFA) announced several loan processing flexibilities last week from Fannie Mae and Freddie Mac (The Enterprises) designed to help their customers.
The flexibilities announced by the Enterprises include:
Allowing desktop appraisals on new construction loans;
Allowing flexibility on demonstrating construction has been completed (alternative to the Completion Report);
Allowing flexibility for borrowers to provide documentation (rather than requiring an inspection) to allow renovation disbursements (draws); and
Expanding the use of power of attorney and remote online notarizations.