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.
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.
Treasury Secretary Steven Mnuchin said in an interview late Thursday that the Trump administration has no plans to fund a Federal Reserve facility to finance servicer advances.