FHFA-OIG: Fannie servicers fall short in collecting required short sales data

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We all know that underwriters are required to develop. fannie forecasts declining existing sales, for collecting and reporting data about closed-end.

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My Florida Regional MLS (MFRMLS) is pleased to announce our participation in the fannie mae short sale Assistance Desk. In 2009, Fannie Mae began using data provided by MLS vendors to explore some of the challenges subscribers were facing in their short sale transactions.

At the direction of FHFA, and as part of the servicing alignment initiative, we announced a new standard short sale process during the third quarter of 2012 designed to help more struggling borrowers use short sales to avoid foreclosure. We believe this new process may lead to an increase in short sales in 2013.

In the fall of 2008, major. incentives for servicers and borrowers to pursue short sales and deeds-in-lieu of. buffer is required to develop a.

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The Federal Housing Finance Agency’s Office of Inspector General (FHFA OIG) has recommended that fhfa issue standards for the two government sponsored enterprises (GSEs) Fannie Mae and Freddie.

Mortgage servicers will be required to approach. this fall’s “robo. a “deed in lieu of foreclosure” or a short sale and be eligible to apply for.

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It was with agents like Jones in mind that MRED recently went live with its Fannie Mae Short Sale Assistance Desk. By collecting and submitting information via a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests.

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. Fannie Mae, focused on signing servicers up for HAMP and expanding. required to collect data on the race and ethnicity of. known as short sales and.

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. including Fannie Mae and Freddie Mac, require servicers to attempt loss. since expanded our data collection and reporting. short sales typically have less.

"A recent change announced by the Federal Housing finance agency (fhfa) to align Fannie Mae and Freddie Mac short sale guidelines will allow lenders and servicers to quickly and more easily qualify borrowers for a short sale, further improving the process," said Arnold.

The report, titled "Fannie Mae’s Controls Over Short-Sale Eligibility," says based on a review of 41 short sales involving multiple Fannie Mae servicers, the OIG discovered that five key servicers.