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Fannie Mae has announced that it will sell foreclosures faster in 2010. It is revising a previous policy that allowed mortgage lenders and servicers fifteen days to find a better purchase offer for homes immediately following foreclosure.
This allowed errors to be uncovered in underwriting or servicing. But it also slowed down Fannie Mae's ability to get foreclosed properties sold to buyers. As a result, Fannie Mae's foreclosure count rose by 98,000 properties in the first three quarters of 2009. Although, Fannie Mae sold 90,000 houses during the period, it was still left with 72,000 foreclosures that had not sold.
Doing away with the previous fifteen day rule means buyers will have earlier access to Fannie Mae REO properties, and should get quicker decisions on purchase offers. Investors and bargain hunters, get ready.
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