Fannie and Freddie Mac delegation agreement starts this month Just last November 1, Fannie Mae and Freddie Macgave a go signal to nine private loan servicers for them to grant short sales without having to get another review for troubled borrowers. This is done because it has a huge possibility to lessen costs, interruptions, and doubt. This allocation agreement will allow loan insurers to grant any short sale
It has been known that these nine loan insurers to have agreed to advance short sales are as follow: • United Guaranty Corp • Genworth Mortgage Insurance Corp., • CMG Mortgage Insurance Co. • Triad Guaranty Insurance Corp. • PMI Mortgage Insurance Co. • Radian Guaranty Inc. • Essent Guaranty Inc. • Republic Mortgage Insurance Co. • Mortgage Guaranty Insurance Corp.
For borrowers who were able to make only less than 20 percent down payments of the value of the home they are bankrolling, Fannie Mae and Freddie Mac pass on a prerequisite for borrowers to remove mortgage insurance. With this new agreement, the process of which nine mortgage insurers agree will benefit the people because it’ll be reliable and orderly for both insurers and borrowers.
Tracy Mooney, senior vice president for loan servicing and REO at Freddie Mac, said that they are very happy that the nation’s mortgage insurers are very cooperative to work with alone with the servicers. This will really boost borrowers to acquire short sales and several foreclosure substitutes. Since the borrowers will benefit with this agreement, many will be able to avoid foreclosure. It clearly shows that it supports housing recovery and aids the reduction of taxpayer damages.
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