Join ALTA for Free Webinar on Freddie Mac’s Short Sale Affidavit
February 23, 2012
In an effort to provide members alternative methods of receiving information, ALTA is offering a free, monthly 30-minute webinar/conference call presentation titled Title Topics.
The next Title Topics webinar will be held at 4 p.m. ET, Feb. 27, which will address Freddie Mac’s short sale affidavit.
Attempting to curb short sale fraud last year, Freddie Mac started requiring all parties involved in a transaction to sign an affidavit attesting that it was a true arms-length transaction and indemnify Freddie Mac if it suffered a loss because of a negligent or intentional misrepresentation made by the closing agent. The affidavit put increased liability on settlement agents because it required them to certify information that was not available to them. Through ALTA’s advocacy efforts, Freddie Mac modified the affidavit’s language to make it less burdensome on the title industry. The new guidance went into effect Jan. 1, 2012.
Bill Burding, executive vice president and general counsel of Orange Coast Title Family of Companies, will review Freddie’s short sale affidavit requirements, share what the form says now, what to do when a servicer uses the wrong form and how to negotiate changes to ensure you are not taking on additional liability.
To participate on next week's call, you will need to log in by clicking here. The call-in number is 866-906-7277. The access code is 7919162.
For more information, contact Jeremy Yohe, ALTA’s director of communications.