AFR’s Response to COVID-19
We know your clients depend on you, that’s why you can depend on us.
During this unprecedented time of uncertainty, AFR is committed to remaining flexible and responsive to our clients’ needs, while also protecting the well-being of our employees. We are all in this together. Stay calm, be well. We’re here for you.
- Our business continuity plan ensures we are able to provide continued service in all areas of business operations.
- With record low rates, we have received a high volume of loan submissions and we are working through them in the most timely manner possible.
- For our Wholesale clients, we will continue to update turn times, as well as communicate any operational updates, via AFR Resource Center.
- In the 28 states in which a shelter-in-place order (or similar) has been enacted, we are presently not accepting new rate locks until the loan is submitted for final approval.
- Regarding Fannie Mae and Freddie Mac conventional programs, we are following the guidance from Fannie in LL 2020-03 and 2020-04 and Freddie Mac Bulletin 2020-05, while adhering to requirements from our mortgage insurance partners. The flexibilities are effective immediately and remain in place with applications received dates on or before May 17, 2020.
- We will not close loans in New York State under the temporary Remote Notary order (NYS exec order 202.7).
- For Correspondent Delegated transactions, employment verification is required prior to purchase.
- The following programs are suspended at this time:
- VA Jumbo
- Loans with qualifying FICO scores below 620 in any program
- New One-Time Close rate locks, closings, and purchasing of Correspondent loans for all states
Here is a summary of our temporary operational updates (please see AFR Resource Center for complete details):