SCRA Protection – Fannie Mae and Freddie Mac and short sale and costs

Compliance > Lending > Service Members > SCRA
Q: If a service member on active duty applies for a short sale and the lender has to review the title and order an appraisal in order to review the request, can those costs be charged back to the service member?
 
A:  Expenses incurred for valuations and title reviews for short sales are not charged to the borrower.
 
 
ADDITIONAL INFORMATION – This Q&A was released by the Federal Reserve Board, in follow up to their Servicemember Financial Protection Webinar that was presented on September 10, 2012 - https://www.consumercomplianceoutlook.org/2013/first-quarter/servicemember-financial-protection-webinar/
 

Add Feedback