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Posts Tagged ‘Fannie Mae short sales in 2012’

Starting June 15, 2012 as per the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, both agencies must give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on a mortgage.)

The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer from a potential buyer. (more…)

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Five mortgage insurers have granted Fannie Mae mortgage servicers the authority to complete a short sale or deeds in lieu of foreclosure without getting their separate approval, HousingWire reported.

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Traditionally, mortgage insurance groups have had to give the OK before a short sale could be processed on a property with a guaranteed loan.

Now, without that extra step of mortgage insurers’ approval, Fannie mortgage servicers may be able to speed up short sale approvals on Fannie-backed loans.

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The PMI Group, which filed for bankruptcy in November 2011, is the latest mortgage insurer to grant Fannie Mae the authority to no longer wait for its approval on short sales starting with February 2012.

The other four mortgage insurers that also gave Fannie Mae the authority are:

  • Genworth,
  • MGIC,
  • Republic Mortgage Insurance Co.,
  • Radian Guaranty.

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Regardless, Fannie Mae has instructed its mortgage servicers to make sure a short sale does not conflict with any existing mortgage insurance coverage before approving it.

More here: PMI Group Latest Mortgage Insurer to Give Fannie Mae Short-Sale Authority

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SOURCE: HousingWire 

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