๐Ÿ› FHFA Extends Relaxed Pandemic Lending Standards โ˜˜ Hoey Team โ˜˜ exp Realty ๐ŸŒด Southwest Florida ๐ŸŒด

Dated: January 16 2021

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The Federal Housing Finance Agency announced it will continue to allow for alternative appraisals and employment verifications on government-backed loans until Feb. 28 to prevent settlement delays.

Realtor Magazine 2021 01 15 FHFA extends relaxing appraisal standards because of the pandemic since the begining of the plandemic after going through the COVID-19 Coronavirus pandemic Hoey Team exp Realty

The relaxed lending and appraisal standards for mortgage financing giants Fannie Mae and Freddie Mac were first put into place by the FHFA in response to the COVID-19 pandemic in March 2020. They allow for alternative verifications of employment and appraisals. The standards were originally set to expire on Jan. 31.

“The changes are to ensure continued support for borrowers during the COVID-19 national emergency,” the FHFA said in a statement on Thursday. “FHFA will continue to monitor the coronavirus situation and update policies as needed.”

During the initial stages of the COVID-19 outbreak, lenders reported struggles in being able to obtain an appraisal based on a full interior and exterior inspection of the property. The government-sponsored enterprises were directed to permit drive-up appraisals or desktop appraisals in certain situations so that appraisals could move forward and not delay settlements.

Also, as businesses closed during the pandemic, lenders reported struggling with being able to verify borrowers’ employment. In response, the GSEs began accepting alternative forms of employment verification, such as a recent pay stub.

In a release, the FHFA said the extension applies to allowing alternative methods for documenting income and verifying employment before a loan closes; alternative appraisals on purchase and rate term refinance loans; and expanding the use of power of attorney to assist with loan closings.

The FHFA has issued a request for public input on policies and practices regarding the home appraisal process as it weighs a series of proposals moving forward. Read more: FHFA Seeks Comment on Overhauling Appraisal Process

Here in Southwest Florida ๐ŸŒด especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list new properties to the market and sell many homes; both Single family, and Condo type.  We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do.  Low interest rates are probably helping with this additionally.  Low inventory is the greatest chalenge for buyers.  For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team โ˜˜ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team โ˜˜ exp Realty

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Best Places to Retire? 13 of the ‘Top 25’ Are in Fla โ˜˜ Hoey Team โ˜˜ exp Realty ๐ŸŒด Southwest Florida ๐ŸŒด

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We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ brokered by eXp Realty

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