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NAR Supports Legislation, New Rules on Short Sales

Recently, NAR submitted comments to the Consumer Financial Protection Bureau on its proposals for future mortgage servicing rulemakings. In this letter NAR officials expressed support for a proposal that calls for development of a single point of contact for borrowers requesting a loan modification or short sale, and requested the Bureau reconsider a proposal that would require servicers to contact delinquent borrowers within 45 days. Instead, NAR suggests a 30 day period for contact would be more appropriate. Specifically, NAR is supporting legislation that aims to speed up the approval process for homeowners selling their home through a short sale by requiring subordinate lien holders to review and respond to short sales request within 45 days. NAR has been actively pushing the mortgage servicing industry for years to improve the short sale review and approval process, especially in cases where second liens are involved.