On 3/31/20, Fannie Mae and Freddie Mac announced through the Federal Housing Finance Agency (FHFA) . several loan processing flexibilities 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.
The full FHFA announcement can be found here.