Fannie Mae Announces Temporary Policy Extensions and Retirement Dates in Response to the COVID-19 Emergency

Fannie Mae updated two Lender Letters today to its single-family sellers communicating temporary policies in response to the COVID-19 emergency.

• LL-2021-03, Impact of COVID-19 on Originations, has been updated to extend the application dates for verbal verifications of employment and power of attorney flexibilities to April 30, 2021. This will be the final extension for these policies. Applications dated May 1, 2021 and later will be subject to standard Selling Guide policies.
• LL-2021-04, Impact of COVID-19 on Appraisals, has been updated to extend the application dates eligible for certain temporary flexibilities to April 30, 2021. Note the temporary policies related to condominium project reviews and borrower-provided photos for completion draws for HomeStyle^® Renovation loans will not be extended beyond April 30, 2021.

For additional details on the changes, view the Lender Letters or visit our COVID-19 Investor Resources webpage.