I was just poking around on the California National Association of Realtors (CAR) website and I saw the Short Sale Assistance Desk (SSAD) in conjunction with Fannie Mae. Supposedly you are "guaranteed" an approval or rejection in 90 days using this portal to submit your short sale. Has anyone used this? I just got approval for an FM loan, didn't use this portal, but got approval in about 90 days anyway. Maybe just the standard amount of time banks with FM loans are taking these days.
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From CAR Website
To help facilitate an already difficult process, C.A.R. created the Short Sale Assistance Desk (SSAD) to allow Real Estate agents to submit their cases directly to Fannie Mae. Fannie Mae must be the primary lender for the case, and the MLS must have an agreement with Fannie Mae to use the SSAD.
A real estate professional who uses the SSAD must be a subscriber of the participating MLS, must be the listing agent for the property, and must obtain a signed Borrower Authorization Form (BAF) from the homeowner(s). Once submitted, the information is packaged, encrypted, and immediately e-mailed to Fannie Mae.
Participating MLS
California:
Conejo Simi Moorpark Association of REALTORS®
CRISNET MLS / Southland Regional Association of REALTORS®
Del Norte Association of REALTORS®
MLSListings
Pasadena-Foothills Association of REALTORS®
Ventura County Coastal Association of REALTORS®
Burbank Association of REALTORS® (coming soon)
SoCal MLS (coming soon)
National:
Arizona Regional Multiple Listing Service
Central Oregon MLS
So here's the most interesting twist to all of this - CRMLS, the largest MLS in California and owned by CAR, is not a participant ! Where's the sense in that?
I don't know what CRMLS is. I'm in PWR which is part of CRISNET now.
It sounds like with this help desk is that you totally eliminate the bank and go directly to Fannie Mae.
I am also in PWR which is the Association of Realtors not the MLS (I was on the Board of Directors 2009-2011)
PWR uses CRMLS not CRISNET. PWR was an owner of SoCalMLS before it merged into CRMLS after MRMLS was bought by CAR.
Geeze, shows you how much I pay attention to my assocation!
That's kind of crazy that CRMLS is not participating since that makes up almost the entire LA and OC area. Is it because it would overload the help desk? Or is it because CRMLS doesn't think it works well? I just got a nice fancy brochure from CAR about my benefits and they were really touting this help desk.
Shari, I know MLS's that have Fannie Mae Help Desk and I have heard great things about it. Our local MLS won't allow it because they think it is going to eliminate BPOs for the agents that are doing them. Of course I disagree and think that saving homeowners is much more important than worrying about BPOs. If this service helped one homeowner it would be worth it to me to have as part of our MLS....
Oops...California Association of Realtors...not National