Fannie Mae announced it has reached delegation agreements with nine mortgage insurers to enable servicers to complete short sales and deeds in lieu of foreclosures without seeking approval from the insurer. The move is expected to allow short sales and deeds-in-lieu to be completed more efficiently.
The agreements have been established with CMG Mortgage Insurance Company, Essent Guaranty Inc., Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co., Triad Guaranty Insurance Corporation and United Guaranty Mortgage Insurance Co.
All delegation agreements were effective as of Nov. 1, 2012, according to Fannie Mae.
"Short sales and deeds-in-lieu are important tools to prevent foreclosures and...