To improve the efficiency of the short sale process for their borrowers, Fannie Mae and Freddie Mac have announced their updated servicer communication timeline requirements. The revised short sale communication timeline is intended to speed up the servicer response time for short sale requests. The communication guidelines will be effective for new short sale evaluations on or after June 15, 2012.
To review the Federal Housing Finance Agency’s press release regarding the Fannie Mae and Freddie Mac communication timeline initiatives, please go to http://bit.ly/IyMtVW. Or, to view Freddie Mac’s communication timeline requirements for borrowers and servicers, please go to http://bit.ly/J44Emh.