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Thursday, May 19, 2011

Good News about Short Sales: Fannie/Freddie Servicing Guidelines must become uniform

Good News about Short Sales: Fannie/Freddie Servicing Guidelines must become uniform

On April 28, 2011, the Federal Housing Finance Agency (FHFA) announced it has directed Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs) to align their guidelines for the servicing of delinquent mortgages owned or guaranteed by the GSEs. The initiative is intended to deal with existing problems in mortgage servicing and should result in servicers contacting with homeowners sooner to identify the best solution available given their individual circumstances. The updated guidelines will streamline and expedite borrower outreach, make mortgage modification terms and requirements consistent, and establish a schedule of performance-based incentive payments and penalties. The updated guidelines also require servicers to contact borrowers as soon as they become delinquent and focus solely on remediating the delinquency for up to 120 days to address situations in which homeowners are foreclosed on while trying to obtain a modification. The updated guidelines are anticipated to become effective throughout the summer of 2011.

What it means:
* Servicers will have to acknowledge a request (file) within 3 days of receipt
* The file will have to be processed within 30 days - yes, I said 30 days!
* Bring on the short sales!

If you don't remotely know how or where to begin with implementing any of these, come work with us. We already have a system that does it all for you!

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