Looks like its official!! BOTH Fannie Mae AND Freddie Mac no longer require mortgage insurance approval for many of the top Mortgage Insurance companies! This will shave two or three weeks off the short sale process on average!! AWESOME NEWS! Here are the companies that Fannie & Freddie now have delegated agreements with - CMG Mortgage Insurance Company, Essent Guaranty, Inc., Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Company, Triad Guaranty Insurance Corporation, and United Guaranty Mortgage Insurance Company!!
Official Freddie Mac Bulletin:
Categories in this update: October 31, 2012 Updates in today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-23 provide you with precise requirements for your loss mitigation activities. All requirements are effective immediately unless specified otherwise. We are:
Also, refer to today’s Guide Bulletin for information on new diversity and inclusion provisions, where to find Exclusionary List requirements for servicing, and reminders on offshore accounts, the retirement of balloon/reset mortgages, and ARM rate cap revisions. More Information
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Directly From Fannie Mae's Website!
Fannie Mae Reaches Short Sale and Deed-in-Lieu Delegation Agreements with Mortgage Insurers
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it has reached delegation agreements with all of its mortgage insurer counterparties so that servicers can complete short sales and deeds-in-lieu of foreclosure without seeking approval from the insurer. These agreements will further streamline the foreclosure prevention process and allow short sales and deeds-in-lieu to be completed more efficiently.
"Short sales and deeds-in-lieu are important tools to prevent foreclosures and help struggling borrowers," said Leslie Peeler, senior vice president, National Servicing Organization, 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."
Previously, Fannie Mae had individual delegation agreements with the majority of its top mortgage insurer counterparties. Now, a standard delegation agreement has been reached with all nine mortgage insurers, making the approval process more consistent and efficient for servicers and borrowers. The new delegation agreements allow servicers to approve any short sale or deed-in-lieu that meets Fannie Mae’s requirements without individual mortgage insurance approval.
These agreements are an important achievement in Fannie Mae’s efforts to stabilize neighborhoods and have been established with CMG Mortgage Insurance Company, Essent Guaranty, Inc., Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Company, Triad Guaranty Insurance Corporation, and United Guaranty Mortgage Insurance Company. All delegation agreements will be effective as of November 1, 2012.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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