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
Thanks everyone for taking the time to comment on this and address this issue. NOW is the time to take action and make a difference! Here is a petition we are putting out directly to the White House! First, Please go here and sign this petition demanding that Fannie Mae SHAPE UP NOW!
Go Here!
Next, PLEASE share this article and the above link on Facebook, Twitter, LinkedIn, Google + and all social media networks!
We NEED 150 signatures to become visible, but we want 100,000! Thanks for taking a few minutes to take action and make a difference. We do not have to stand by and watch this!
Wendy, can I assume that you are fully aware of the effort from [email protected] ? Obviously, you should add yours and help both of you out.
I have a file with Regions Bank that is a Fannie Mae loan. This has been in process for five months. We've had to ask the buyer for an extension and need to get another. Each update from Regions is that they call Fannie Mae and don't get a decision or answer. This is a military borrower with PCS hardship
Don't expect a bank employee to be proactive. Agents send "stuff" all the time - the negotiator isn't interested in figuring out what you mean/want, etc., he has his orders and rules. So you need to be specific. I ask for the rules or form for a value dispute. That is asking for a specific answer - and implies that I will be doing something official that the negotiator should pay attention to.
I've found that makes a big difference.
How long are Fannie Mae BPOs good for with Bank of America nowadays. It used to be 120 days before but other lenders would only have them good for 90 days. Does anyone know the current validity of Fannie Mae BPOs with Bank of America.
Is the Fannie Mae HAFA program only offered to owner occupants? I don't see any mention of this in one of their documents updated in April 2012, but wanted to make sure I wasn't overlooking something. Thanks! Also, Thom thanks for asking that question in re: to the FHFA letter.
Kevin - Do you know if the FHFA letter applies only to Short Sales begun after Novermber 1, 2012 or will it be applied to short sales begun prior to then. For example, I just received a new short sale file - Borrower has never been late - had to relocate 450 miles to get new employment after months of unemployment. So, it seems like he qualifies under the New Guidelines - BUT - do I start it now or start it on November 1st?
Thoughts ?
For Loss Mitigation on a VA Insured Loan, Insurer guidelines are to be followed, not Investor.
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