New Jersey passed a bill requiring Servicers to respond to short sale offers. Under the bill, a servicer must respond to a short sale offer (offered in connection with a foreclosure of residential property) within 60 days of the date of the offer. A response includes an approval, a denial, or a request for further information. The bill went into effect September 21, 2017.
See New Jersey Legislature website for the full text of the Statutes:
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Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
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