Beginning Nov. 1, Fannie Mae and Freddie Mac gave nine private mortgage insurers the ability to approve short sales and deeds in lieu of foreclosure for distressed home owners without requiring a separate review. The move is expected to reduce delays, costs, and uncertainty involved in processing short sales and deed in lieu, according to mortgage giant Freddie Mac.
Under the new agreement with the private mortgage insurers, the government-sponsored enterprises (GSEs) will allow the insurers to approve short sales or deed in lieu of foreclosure who have a Freddie or Fannie-backed loans without requiring a “separate and potentially time-consuming review” by the mortgage insurance companies, according to a news release. Read more...
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