The COVID Project
The record
- Jurisdiction
- United States; Federal Housing Finance Agency, as regulator and conservator of Fannie Mae and Freddie Mac (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 4617(b)(2) (conservator's powers); § 4513
- Issued
- 2020-03-23 Mar. 23, 2020
- Effective
- 2020-03-23
- End
- Initially through May 17, 2020; extended repeatedly; final extension to May 31, 2021 (Ex. 100) (read as 2021-06-30)
- In force
- Mar. 23, 2020 to June 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q2
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Fannie Mae and Freddie Mac and every seller/servicer originating loans for sale to them
- Functions reached
- ML mortgage origination (desktop and exterior-only appraisals; verbal verification of employment when employers were closed)
- AP appraisers
- HR employers' verification function
- CB borrowers
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Washington, D.C. - Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.
Enforcement
Enterprise selling requirements binding on approved seller/servicers by contract; FHFA conservatorship direction under 12 U.S.C. § 4617
Notes
The federal conservator's finding that interior appraisal inspections and employer verifications could not be performed because homes and employers were closed under the orders; every conventional mortgage lender operated under these flexibilities for fourteen months
Retrieval noteRendered from the live FHFA release.