Saturday, April 21, 2012

Wall Street Journal Market Watch

Fannie Mae and Freddie Mac will adopt new policies to streamline short sales starting in June, the Federal Housing Finance Agency announced this week.

One upcoming requirement is that mortgage servicers must review and respond to requests for short sales within 30 days of receiving a short sale offer, according to a news release. Servicers will also be required to provide weekly status updates to the borrower if the short sale is under review beyond those 30 days, and will need to get a final decision to the borrower within 60 days of the offer.

“FHFA and the Enterprises are committed to enhancing the short sales and deeds-in-lieu process as additional tools to prevent foreclosure, keep homes occupied and help maintain stable communities,” said FHFA Acting Director Edward J. DeMarco, in the release. “These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”

No comments:

Post a Comment