In addition, Fannie and Freddie have helped reduce face-to-face interactions during the closing process by expanding the use of powers of attorney and remote online notarizations.
In a press briefing early Thursday, company CEO David Brickman noted that the number of forbearance requests have increased “significantly,” adding that he expects the readings to continue to rise.
If servicers’ cash crunch becomes critical, the onus of creating a liquidity facility would fall on the Federal Reserve and Treasury, not on the FHFA, agency Director Mark Calabria said.
At the end of the forbearance period, mortgage servicers will provide homeowners several options for making up missed payments, Fannie Mae and Freddie Mac reassured borrowers.
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