Feb. 12, 2013: Fannie Mae upgrades short sale process
Fannie Mae has expanded its HomePath for Short Sales tool to help speed up the process.
Any real estate professional working on a short sale with a Fannie Mae-owned loan can use the new tool as part of a short sale escalation. Once a case is escalated, Fannie Mae will work directly with an agent or servicer to address challenges, such as valuation disputes, delays by servicers or uncooperative subordinate lien holders. Home Path has a webpage with
more info for real estate pros about the short sale process.
March 1, 2012: FTC’s Business Opportunity Rule
Brokerages or brokers, who solicit sales associates, may need to comply with the Federal Trade Commission’s Business Opportunity Rule (BOR). Learn more.
To find out more about compliance obligations, read the BOR, read information from NAR, and download the required one-page disclosure in English and Spanish.
MAP Rule: Mortgage Acts and Practices - Advertising
This Final Rule prohibits any misrepresentation in any commercial communication regarding any term of any mortgage credit product; and imposes certain recordkeeping requirements.
Property Management
The Fair Credit Reporting Act has been amended.
Effective July 21, 2011, if you take action that requires you to provide a Notice of Adverse Action and the adverse action is based in whole or in part on a numerical credit score, you must now also provide the consumer a written or electronic disclosure that includes the following additional information:
• A numerical credit score;
• The range of possible credit scores under the model used;
• All of the key factors that adversely affected the credit score of the consumer in the model used, the total number of which shall not exceed 4;
• The date on which the credit score was created; and
• The name of the person or entity that provided the credit score or credit file upon which the credit score was created.
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