Loss Mitigation
Nonretention Options
When all home retention options are exhausted, and maintaining homeownership is no longer feasible, MGIC offers nonretention options, including:
MGIC has provided full short sale and deed in lieu (DIL) delegation to Fannie Mae effective November 28, 2011. In their recent Servicing Guide Announcement, Fannie Mae instructed servicers to contact the mortgage insurers regarding reporting requirements for this delegation. At this time, MGIC has no reporting requirements for servicers on this delegation. However, as servicers implement the new MI Industry Workout Reporting Template, we do expect all short sales and DILs to be reported in that format.
If you have any questions on this delegation, please contact your Fannie Mae Portfolio Manager.