Mortgage servicers will be kept to strict short sale timelines agreed to under the state Attorneys General foreclosure settlement this week.
Along with the penalties and relief for borrowers, the five largest mortgage servicers must adhere to a set of new standards. Servicers will form internal groups that will conduct quarterly reviews and gauge compliance. North Carolina Banking Commissioner Joseph Smith will approve the groups and monitor the reviews.
Among the standards, however, are new requirements for short sales.
Servicers are required to give a decision to a borrower within 30 days of receiving a completed short sale request package.