With the increase in the severity of the COVID-19 (coronavirus), Adfitech is continuously reviewing new health guidelines and industry changes. While taking preemptive measures for the people we work with, we’re also dedicated to providing the same quality of service for our partners.
Adfitech has implemented one of our many safety and continuity plans in order to maintain full functionality. Since early March, 80 percent of our staff have worked remotely and have ceased any outside meetings, including conferences. To adhere to the city’s shelter-in-place order we have continued to increase our number of remote employees.
During this uncertain time Adfitech will remain operational to provide the same excellent service for our partners.
We understand several processes have been slowed or changed to accommodate health guidelines by the CDC. Several requirements necessary to conduct the mortgage loan process are no longer achievable due to the severity of the pandemic including the Verification of Employment for lenders and in-person inspections for appraisals.
To ensure continuity of business, Government Sponsored Enterprises, Freddie Mac and Fannie Mae, have responded to the COVID-19 concerns by implementing temporary guidelines.
The following temporary guidelines have been created in response to the COVID-19 virus. Expect more updates as the week continues.
Freddie Mac:
Updated 03/18: Bulletin 2020-04 Temporary Servicing Requirements
Updated 3/23: Bulletin 2020-05 Selling Guidance Related to COVID-19
Updated 03/25: Bulletin 2020-07 Servicing Requirements and Relief
Updated 03/31: COVID-19 Frequently Asked Questions for Sellers
Updated 03/31: COVID-19 Frequently Asked Questions on Post Funding QC
Fannie Mae:
Updated 3/31: LL-2020-04 Impact on Appraisals
Updated 03/31: LL-2020-03 Impact on Originations
Updated 3/25: LL- 2020-02 Impact on Servicing
Updated 3/25: Fannie Mae issues updated Multifamily lender guidance
Updated 03/31: COVID-19 Frequently Asked Questions for Sellers
At ADFITECH, we track the mortgage industry changes daily and are always striving to support your success by sharing our knowledge of the latest updates, trends, and opportunities. For over 35 years, we have combined innovative technology with personal attention to every loan to meet each of our clients’ unique needs. Learn more about the benefits of working with an experienced quality control partner by contacting us at (405) 715-8000 or by filling out a form here. Want to receive guideline updates and more? Stay updated on ADFITECH developments and join our experts as they share insights into the mortgage industry, outsourcing services and beyond. Subscribe here to receive email update notifications from ADFITECH’s blog.
