Industry NewsMortgage

Feds incentivize short sales

Servicers can't condition approval on reduced commission
Published on Dec 1, 2009

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by CareyBot

The Obama administration has released long-awaited guidelines for a program that will provide incentives for loan servicers and homeowners to engage in short sales when borrowers don't qualify for the Home Affordable Modification Program (HAMP).

The guidelines prohibit loan servicers from demanding that real estate brokerages reduce the commission stated in the listing agreement as a condition of approving a short sale -- a practice that's been a sore point with many real estate agents ...

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