The new “flexibilities” cover both originations and appraisals. On the origination front, Fannie and Freddie will reduce the acceptable age of income documentation on most loans to 60 days from 120...
Calabria’s remarks were part of a broader outline summarizing the impact the crisis has had on mortgage markets and the actions the FHFA has taken in response.
To reduce contact between appraisers and homeowners, the government-sponsored enterprises will accept an exterior-only inspection or a desktop appraisal. Income verification requirements have also been eased.