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The Federal Housing Finance Agency (FHFA) has extended its moratorium on foreclosures and evictions to Jan. 31, 2021. The policy applies to government-sponsored enterprise (GSE)-backed single-family mortgages and GSE-owned properties.

In a release, FHFA Director Dr. Mark Calabria said the extension "keeps borrowers safe during the pandemic" and "gives peace of mind to the more than 28 million homeowners with an Enterprise-backed mortgage."

The FHFA and Department of Housing and Urban Development (HUD) previously extended their foreclosure moratoriums through the end of the year following President Donald Trump's executive order stating that federal agencies will work to minimize evictions and foreclosures amid the pandemic.

As federal housing agencies have worked to support borrowers amid the coronavirus pandemic, NAFCU has urged relief be provided to mortgage servicers as well. The FHFA heeded NAFCU's call to provide mortgage servicers with some relief and provided a four-month limit on advances of principal and interest payments for loans in forbearance sold to the GSEs. It has also allowed the GSEs to purchase certain-single family mortgage loans in forbearance and recently extended that policy through the end of the year.