{"id":"AGY-FED-FINANCIAL-098","kind":"order","level":"federal","jurisdiction":"United States; Federal Housing Finance Agency, as regulator and conservator of Fannie Mae and Freddie Mac (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Federal Housing Finance Agency (Director Mark Calabria)","authority":"12 U.S.C. § 4617(b)(2) (conservator\u0027s powers); § 4513","instrument":"FHFA direction to the Enterprises of March 23, 2020 (implemented by Fannie Mae Lender Letter LL-2020-03/04 and Freddie Mac Bulletin 2020-5)","title":"FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications","dateIssued":"2020-03-23","effective":"2020-03-23","end":"Initially through May 17, 2020; extended repeatedly; final extension to May 31, 2021 (Ex. 100)","startDate":"2020-03-23","endDate":"2021-06-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2"],"types":["OTHER"],"addressees":["Fannie Mae and Freddie Mac and every seller/servicer originating loans for sale to them"],"clause":"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","functions":["ML mortgage origination (desktop and exterior-only appraisals; verbal verification of employment when employers were closed)","AP appraisers","HR employers\u0027 verification function","CB borrowers"],"notes":"The federal conservator\u0027s 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","sourceUrl":"https://www.fhfa.gov/news/news-release/fhfa-directs-enterprises-to-grant-flexibilities-for-appraisal-and-employment-verifications","snapshot":"","fileExists":true,"fileBytes":44373,"grade":"primary","character":"","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-098","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-098","citation":"Federal Housing Finance Agency (Director Mark Calabria), FHFA direction to the Enterprises of March 23, 2020 (implemented by Fannie Mae Lender Letter LL-2020-03/04 and Freddie Mac Bulletin 2020-5) (Mar. 23, 2020) (Ex. AGY-FED-FINANCIAL-098)","stateName":"","related":[]}