Fannie Tweaks Glitch That Reports Short Sales as Foreclosures
August 30, 2013
Fannie Mae has come up with a workaround for a computer software problem that erroneously reported short sales as foreclosures on consumer credit reports. In an effort to assist borrowers in obtaining a new loan in an appropriate timeframe, [Desktop Underwriter] will be updated to disregard the foreclosure information on the credit report when instructed to do so by the lender on the online loan application, Fannie explained in a recent updated notice.