Servicing

Fannie Mae and Freddie Mac servicers will be able to skip a step when attempting to get a short sale or deed-in-lieu of foreclosure approved. On Wednesday, the GSEs announced standard delegation agreements were reached with nine mortgage insurers to allow servicers to complete short sales and deeds-in-lieu without seeking approval from the mortgage insurer. The agreement takes effect November 1. The short sale or deed-in-lieu still has to meet the GSEs' requirements, but servicers don't have to wait for mortgage insurers to offer their stamp of approval.

The Pentagon Federal Credit Union Foundation (PenFed Foundation) is on track to give away a record number of grants this year through its Dream Makers program.

The GSEs and HUD are rolling out relief strategies for borrowers caught in the devastation brought on by Hurricane Sandy.

Relisting his pricey pad in the Hamptons, artist Ross Bleckner has put his palatial estate on the market for $15 million. Located in Sagaponack, New York, Bleckner's abode boasts multiple structures, including a main home with an ocean view, a cedar-shingled guest cottage, and an art studio.

Federal regulators released a notice Tuesday stating their support for financial institutions operating in areas affected by Hurricane Sandy. They both encouraged affected institutions to work to meet the needs of their communities and expressed their lenience on certain reporting and publishing requirements for those institutions.

In Colorado, Lender Processing Services, Inc. (LPS), has reached a settlement with the state's attorney general. Concluding the investigation into document execution practices by subsidiaries of LPS, the company has agreed to provide payment and reimbursement fees in exchange for a release of potential liability.

The National Credit Union Administration (NCUA) selected Gail Laster to lead as director of the Office of Consumer Protection, a senior management position within the agency. Laster will begin her position November 19 and succeeds Kent Buckham, who is retiring after more than 35 years of service.

Homeowners with mortgages guaranteed by Freddie Mac may be eligible for payment relief if they are located in an area that has been devastated by Hurricane Sandy. The GSE announced it is encouraging servicers to help borrowers through different forms of assistance such as suspending foreclosure and eviction proceedings for up to a year, waiving penalties or late fees against borrowers with disaster-damaged homes, and not reporting delinquencies caused by the disaster to credit bureaus.

A study reveals borrowers who defaulted on their mortgages in recent years tend to stay out of the market for much longer than other borrowers.

The number of owner-occupied homes reached 75,076,000 in the third quarter, increasing from 74,832,000 in the second but down from 75,251,000 a year ago, the Census Bureau reported Tuesday. At the same time, the nation's homeownership rate (seasonally adjusted) remained near historic lows, hovering at 65.5 percent. The stagnant homeownership rate combined with a decline in the number of units held off the market suggests opportunities for home sales.