mgic: HAFA starts showing some changes- MGIC streamlines approval process in short sales - 04/09/10 07:41 AM
Due to HAFA making improved timelines on approving short sales, Mortgage Guaranty Insurance Corp. (MGIC) released new guidelines for servicers wanting a quicker route to approvals.
Servicers must get approvals from the lender, investors and, if applicable, insurance companies to execute the agreement. This has sometime slowed down the process for short sale providers another 1-5 weeks. The new MGIC guidelines give an automatic go-ahead if the loan meets certain criteria.
The borrower must be at least 60 days delinquent on the owner-occupied property. The loss on the sale must be less than $75,000, based on a broker price opinion (BPO) or appraisal performed … (0 comments)