Fannie Mae

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.

*** To report fraud such as 'valuation manipulations' taken from the FNMA guideline on a Fannie Mae property:

"To report potential fraud on a Fannie Mae property:
–
1-800-7FANNIE (1-800-732-6643)
–
Email Mortgage_Fraud_Program@fanniemae.com"

Discussion Forum

Fannie Mae & predatory loans

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

Fannie Mae Short Sale or Fannie Mae Deed in Lieu

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

Does Fannie Mae require the Borrower to be Late on Payments to Short Sale?

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

Value dispute approved - but it's not REALLY approved?

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

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Comment Wall

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You need to be a member of Fannie Mae to add comments!

Comment by Tara Samney on July 5, 2012 at 6:59am: Doing a VA short sale. Fannie Mae investor. Negotiator denied b/c offer price a few thousand low and had to have full appraised per VA. We have a renovation loan and slashed all costs (commission by half) to make a few dollars more than minimum net.

Gone through escalation and VA and VA told me as long as we net 88.13% of appraised value they are fine. Escalation is telling me that no it's the investor who requires full appraisal. What?? This is with Chase. Escalation agent tells me when she was a negotiator that was common. She wouldn't reveal investor but said only negotiator could give it to me. MERS had shown it as Fannie Mae (don't know how much I trust MERS but)....saying it is Fannie Mae....I've never heard of such a thing. Am I missing something?

Comment by Lisa Woolverton on June 22, 2012 at 6:41am: I am doing a MetLife FHA short sale. I received an ATP on 6/6 and have recieved an offer for 525K cash that meets the min. net price. Well...the owners just shared their inspection report from when they purchased 18 months ago. I'm shocked. There are photos of water intrusion from the chimney to the crawlspace, and in another area of the home. They never remediated it, so will be a huge inspection item. Question: Is there any way to get FHA to cover inspection items? I have tried in the past to get them to cover a bad roof, but they refused. Any other work-around on this?

Comment by Kevin - Greenville, SC on May 4, 2012 at 12:28pm: FNMA has no % net per se. I have one I'm working on now where they want to net the BPO and another where they want $90,000 more. No rhyme or reasons with their decisions.

Comment by Greg Johnson on May 4, 2012 at 5:02am: Is 82% still the percentile that Fannie Mae will accept from the BPO?

Comment by Jim Schneider on April 26, 2012 at 4:17am: Fannie Mae Will be requiring servicers to agree to shortsales on much shorter timelines.

Announcement

Timelines

Comment by Larry A Willard on March 15, 2012 at 3:56am: BPO Dispute on a No Brain-er Deal home is falling and rotten down. PHH servicer 'LOL" Sent them another BPO that matched the Contract Offer Home Inspection Report-Pictures/Pictures Etc.. I need someone of authority to "briefly" look at this file and send over an Approval Quick 3-26 FSD Seems level 2 is a bit too busy to get back with me?? Any Ideas?

Comment by Smitty on January 19, 2012 at 8:07am: Does Fannie Mae pursue deficiency on an investment property?

Comment by Kevin - Greenville, SC on January 16, 2012 at 10:07pm: Servicers always have the ability to stop a foreclosure at any point in the process, whether a loan is six months delinquent or 36 months delinquent. Foreclosure is the last option

http://www.freep.com/article/20110818/OPINION04/108180405/Letters-F...

Comment by Victoria Frieberg on November 29, 2011 at 3:27pm: agent anwered..wells and the seller have control of house, but fannie has told her to take control because sellers have vacated. she is to watch, preserve property..but i have control of showings etc until my listing runs out.

Comment by Victoria Frieberg on November 29, 2011 at 3:14pm: all the county has is Wells...i have title work done, 3 loans, first wells...no mention of MERS. i have an email in to the agent working for Fannie. another odd fact.sheriff sale completed, but allowed to go from a 6 month redemption to 12 month. seller had been notified that redemption would end in August, but when I called attorney, she was surprised and had to verify it had a 1 year redemption. it is not a working farm, sfr.

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Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.