Following the announcement in August 2012 from Fannie Mae and Freddie Mac also known as the GSEs (Governament Sponsored Enterprise), on Wednesday October 31, 2012, the GSEs declared an agreement reached with nice mortage insurers to allow the servicers aka bank and lenders to approve Short Sales on their behalf as long as the guidelines and requirements given are met. The servicers no long have to wait for a review and subsequent official approval and thus shorten the time line of the Short Sale approval.
These nine insurers are CMG Mortgage Insurance Company; Genworth Mortgage Insurance Corporation; PMI Mortgage Insurance Co.; Radian Guaranty Inc.; Essent Guaranty, Inc.; Republic Mortgage Insurance Company; Mortgage Guaranty Insurance Corporation; Triad Guaranty Insurance Corporation, and United Guaranty Mortgage Insurance Company.
Tracy Mooney, SVP of servicing and REO at Freddie Mac, said, “We applaud the nation’s mortgage insurers for committing to work with us and our servicers to help more borrowers obtain short sales and other foreclosure alternatives.”
“Short sales and deeds-in-lieu are important tools to prevent foreclosures and help struggling borrowers,” said Leslie Peeler, SVP of national servicing organization at Fannie Mae. “These delegation agreements create an even more streamlined process that will ultimately help more families avoid the costly effects of foreclosure and benefit taxpayers. We are pleased that the mortgage insurance companies have stepped up to the plate with us to help more homeowners.”
These collaborations on eliminating steps and procedures will greatly improve of the interval on the completion of Short Sale and thus help more home owners who are facing financial distress to avoid Foreclosure.
Oyezz Real Estate specializes in Short Sale by handling all Short Sale transaction from beginning to the end. These changes will immensely reduce Oyezz’s processing on Short Sales for our home owners who are in desperate need of avoiding foreclosure.