Information to assist with Fannie Mae Short Sales
Website: http://www.fanniemae.com/kb/index?page=home
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Latest Activity: Apr 28, 2017
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Fannie Mae Short Sale Affidavit
Fannie Mae Borrower Authorization FILLABLE FORM Version
Fannie Mae Short Sale Affidavit FILLABLE FORM Version
Fannie Mae Standard Short Sale/HAFA II and Deed-in-Lieu of Foreclosure Requirements
FANNIE MAE ANNOUNCEMENTS AND LENDER LETTERS
Fannie Mae Escalation and Offer Registration (Homepath For Short Sales)
Fannie Mae Short Sale: Improving the Short Sale Experience
Fannie Mae Short Sales Frequently Asked Questions by Listing Agents
Fannie Mae Announces New HomePath for Short Sales Escalation Process
https://www.homepathforshortsales.com/hpss/short-sale-resources
8. Are there any Fannie Mae-owned loans that won’t be found in the Fannie Mae Loan Lookup?
Yes. The database for the Fannie Mae Loan Lookup includes about 87 percent of our book of business. The database excludes reverse mortgages and certain other product types, and a few other loans are excluded for miscellaneous reasons.
The Loan Lookup database will be updated monthly, so any loans delivered to Fannie Mae since the last update will not find an accurate match. For these reasons, we encourage borrowers to confirm the results with their servicer.
9. Are there cases in which a borrower might get a “No Match Found” result even though Fannie Mae owns their mortgage?
Yes. The loan could be in our database, but have inaccurate or incomplete information. Properties in multi-unit buildings, such as condos, are especially prone to matching errors because our database may contain only the building address, but not the unit number. Also, there may be a misspelled street name or other error. The database reflects the loan data as it was delivered to us.
Finally, any user error in entering the address information could result in an incorrect result.
For these reasons, we encourage borrowers to confirm the results with their servicer.
REAL ESTATE AGENTS
Q. What is the commission structure for Fannie Mae short sales?
A: For a short sale, Fannie Mae is a not a party to the listing agreement and does not determine the commission structure. However, a short sale will not be approved if the total commission exceeds 6%.
Q. Does Fannie Mae require that the commission be split equally between the listing and selling agents?
A: No. For a short sale, Fannie Mae is not a party to the listing agreement and does not determine the commission structure or split.
Q: Does Fannie Mae assign listing agents to short sales?
A: Fannie Mae does not assign listing agents to short sales. While some servicers may recommend listing agents, the choice of listing agent is made by the seller.
Q: If an agent represents both seller and buyer on a short sale transaction, will the agent’s commission be reduced or remain at 6%?
A: An agent may represent both the buyer and seller and the agent will receive up to 6% in commission.
Started by Fred Bauscus Jun 30, 2016. 0 Replies 0 Likes
I'm looking for help/suggestions dealing with Fannie on a predatory loan. The borrowers took out an 80/20 back in the day and both notes are interest only ARMs & they've been paying on them for…Continue
Started by Tyra General. Last reply by Kevin - Greenville, SC Dec 22, 2015. 2 Replies 0 Likes
Hi,Has anyone ever had a client start the short sale process and decide to move forward with a deed in lieu arrangement? I have a new short sale and know that Fannie Mae may offer up to $10,000 in…Continue
Started by Myra McCaskill. Last reply by Kevin - Greenville, SC Nov 20, 2015. 3 Replies 0 Likes
Has anyone recently received an approved short sale from Fannie Mae without the Borrower being late on payments? Continue
Started by Teresa Keeler. Last reply by London Cox Jun 26, 2015. 3 Replies 0 Likes
So I sent in a value dispute on a Fannie Mae short sale after the buyer's appraisal came in low. I sent it through the portal and 8 days later I received this email: FMSS-20486 Our analysis of the…Continue
Comment
Here's the message from NationStar on a FNMA file. Note the 2nd sentence:
The offer you have isn't sufficient and this file will be soft declined per the new guidelines. I can't inform you of the offer amount needed per the new guidelines. Feel free to send an increased offer if you receive one. I can let you know if it will work. Again I can't give the value needed or counter. If the buyer is unwilling to increase the offer you can dispute the value. Go to http://www.homepathforshortsales.com/ scroll to the bottom of the page to "Get started today". Complete the HomePath Short sale inquiry. You will select "contest a value". Make sure you follow the directions exactly for the dispute to be completed.
Which new guidelines do you suppose the message refers to?
On the 710 if the borrower relocated due to job loss and rents a home across the country- is the mortgage on a property that is considered a Primary Residence (and noted vacant) or a Second Home or Investment Property? Borrower purchased property as primary and owns no other property. Thanks!
Fred, FNMA has for years made the negotiator ask for contribution regardless of finances. Unless this is the 2nd time around, don't think of it as anything more than them happy to have your seller pull the plug on their mother's life support system to give money to FNMA's happy hour fund. My sellers are mostly broke, so I point out the finances to the negotiator and ask where the money is supposed to come from. Usually the negotiator treats it as "well, I had to ask" and moves on. But you want to give them something solid to tell their manager/FNMA, of course. FHLMC started doing this a year or two ago and FHA rules now include contribution. I haven't run into that one yet, don't know how grabby they are (but they seem to leave a lot to the servicer and servicers try to make things difficult so that the SS dies and they get to keep the file).
Besides the sheer grab for money, contribution is based upon seller's ability to pay not on the value of the property. I had an FNMA where something like $250K was owed and the negotiator came back demanding $270K plus $5K cash contribution. I asked if that was a tip for them accepting more than owed. They denied the sale (BofA), but then at that price, it wouldn't be a SS anyway, eh?
I just had my negotiator at a small servicer tell me that she's moving to another department next week because she's had it with all of the garbage that she has to put up with from Fannie Mae.
It's good to have reminders that the negotiators we're dealing with are people with feelings. Its easy to forget sometimes that most of the time they are simply the messenger and they don't like what they are relaying any more than we do.
The file we were discussing has an offer that would net Fannie Mae 92% of the principal balance and they countered requesting a prom note for that 8%.
Another short sale bites the dust. FannieMae counter offer higher than FMV by nearly 53%. Fannie is out of control.
Fannie Mae screwy valuation du jour: Condo listed and under contract for 125K (thought we were pushing value at that price). Fannie Mae suggested list: 178K. The unit next door closed 10 days ago as a Fannie Mae REO for 76K.
Citizens 1st and 2nd. When the negotiator called with a counter I immediately sent her comps to prove how far off the numbers were. I was sure she'd say "Enter a dispute with FNMA" but within an hour she messaged that they were ordering a new appraisal and I should hear from the appraiser soon." I messaged after 6 days and she replied that, after checking the file,FNMA allowed 2 weeks to pick up the order. The next day she called to inform me that the appraisal was back and the value was the same! I reminded her of our emails the day before and also that I am the point of contact for access to the home. She asked me to give her until 4:00 today but alluded to needing to dispute with Fannie. Amazing!
Has anyone attempted to escalate a Fannie Mae issue to FHFA? I'm curious if that produced any success.
Anyone know if Fannie will allow a Short Sale for an investor who owns several properties and is attempting to sell one of them while not really having a true down to earth hardship? Servicer is Chase and I am getting conflicting stories from LM and SS depts.
I'd also like an executive contact at Fannie Mae. I've gone in circles with a Fannie valuation dispute and am burning through buyers because the value set by Fannie is too high.
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