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Fannie & Freddie Issuing New Loan Servicing Guidelines
My Take: This should help to stimulate most of the major mortgage servicers to continue to promote the short sale option with delinquent borrowers.
 
GSEs Issue New Servicing Guidelines for Delinquent Mortgages
04/28/2011 By: Carrie Bay  
Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages.
The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency management practices, loan modifications, and foreclosure timelines.
The new approach provides monetary incentives for servicers that perform well and imposes fines on those that do not.
Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) says the new directive should result in earlier servicer engagement to identify the best solution available for homeowners, given their individual circumstances.
"Once fully implemented by the servicing industry, the enterprises' aligned policies should give homeowners a greater understanding of the process and faster resolution by requiring earlier contact, more frequent communication, and prompt decisions," DeMarco said. "Equally important, the newly aligned policies will minimize taxpayer losses by ensuring that enterprise loans are serviced efficiently and fairly."
The updated guidelines specifically ... more

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