The new Federal Housing Finance Agency short sales guides for the government-sponsored enterprises Fannie Mae and Freddie Mac are now in effect.

The guideline’s impact on mortgage servicers so far are seen as positive, given that the program seeks to avoid foreclosures and is helpful to borrowers, servicers and the housing market, said senior executive Ghazale Johnston of Accenture Credit Services. 

One of the biggest delays in the short sale process is obtaining all the appropriate approvals necessary to move forward with the transaction, Johnson said. Given the high number of delinquent loans with mortgage insurance, the MI providers getting on board is clearly a critical part of the approval process.