Fannie Mae has issued Servicing Guide Announcement 2012-07 to establish new policies to expedite the preforeclosure sale process. These policies establish maximum required response times for preforeclosure sale offers, require servicers to provide borrowers with status updates during the evaluation process, and also allow servicers to respond to unsolicited preforeclosure sale offers without first requiring a Fannie Mae Home Affordable Modification Program (HAMP) evaluation. All servicers must adopt these policies no later than June 25, 2012.
