Industry NewsMortgage

Fannie Mae expedites REO sales

Offers may be accepted without notifying loan servicers
Published on Jan 6, 2010

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by CareyBot

Fannie Mae has adopted a new policy in which it may accept offers to purchase homes it has repossesed without notifying loan servicers.

Loan servicers may be required to reimburse Fannie Mae for a loss if it turns out the original mortgage on the home did not meet its eligibility or underwriting requirements.

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