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 is the official response from Fannie Mae regarding whether a licensed agent can collect a commission if he/she is representing himself/herself. I escalated this question through Homepath. The representative called me back rather quickly (maybe a day or two), then said he would find out officially and put it in writing for me. Probably took a couple of weeks to get the answer back in writing, but it did work! Hope this helps! Fannie Mae is directing all escalations regarding Fannie Mae be routed through Homepath. See response & link below:
Fannie Mae will pay a maximum of 6% commissions however, in this case the buyer also being an agent we would not be able to pay that agent the 3%, for more information I would have to direct you to the servicer.
**** EFFECTIVE IMMEDIATELY ****
To ensure increased quality and resolution times, ALL Fannie Mae Short Sale escalations should be routed through HomePath.com (http://www.homepathforshortsales.com/#agents).
FNMA 1st with LoanCare, 2nd with Chase. $25,000 2nd, I put $5,000 on initial HUD and it was approved. Turns out that, despite JPMC contacting me weekly while negotiatin with LC they charged off the loan. Now they want $7,500 and won't budge. LC replied:
"The investor approved 5,000, that will be all that can be reflected on the HUD. If the borrower wants to pay the additional 2,500 outside of closing, that would be between the borrower, and the 2ndlien."
I asked her for clarification on the new guidelines (if I read them correctly) that FNMA will not allow addt'l monies by any party to be paid to junior lienholders. She just messaged back what seems like double-talk:
House on market since January. Started at $249,000 with no interest. Reduced to $239,000 and finally got an offer at $230,000. Fannie Mae countered at $260,000. Buyers ordered an appraisal, which came in last Friday at $235,000. I submitted the dispute through the new Fannie Mae escalation tool at "Home Path for Short Sales" website. I was informed yesterday by the Servicer (Nationstar) that the value dispute was declined and the value will not change from $260,000. So Fannie Mae gets to ignore appraisals? Do they also ignore appraisals for loan origination? I have decided to stay positive and assume this is a "mistake" and will request a re-review.
The Greentree group has executive contacts...this is common behavior.
Joanie,
Have you submitted anything through Homepath yet?
http://www.homepathforshortsales.com/hpshortsaleinquiry.html
Does anyone know anything about the new Requirements imposed by Fannie Mae, especially concerning what they define a short sale as vs. a distressed sale?
Thanks!
Courtesy of Ron Ballard -
WILL FANNIE MAE STILL DICTATE THAT LISTING AGENTS LIE TOO?
Closing Requirements
How does the servicer make a request for a closing extension on a short sale when it is not possible to close it within 60 days of an approval?
Short sale closing extension requests should be sent to: [email protected].
Mike - I signed, thank you for starting this effort! Great job!
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