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

Comment

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

Comment by Kevin - Greenville, SC on May 17, 2013 at 7:09pm: Fannie Mae Short Sale: Improving the Short Sale Experience

Comment by Janie Booth on May 3, 2013 at 5:35am: 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).

Comment by Ro Reed on May 3, 2013 at 1:43am: 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 2^ndlien."

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:

"Every offer is transmitted to Fannie Mae or Freddie Mac just as the point of contact (POC), realtor, or borrower submits it.

The investor then reviews and issues an approval, revises the submission and issues an approval, makes a counter offer, or denies the offer.

Fannie Mae and Freddie Mac have issued certain parameters that we (LoanCare) must follow prior to submission. If the case meets those parameters, we submit the case for their review and/or decision. If the case doesn’t meet those parameters, we contact the POC, realtor or borrower and request additional items to bring the case up to the parameter level for submission."

Maybe I've just misinterpreted what I've read about the new guidelines so this is all for naught and we can just have the seller make a principal payment and the buyer's side of the HUD reflect his payment.

Any advice would be appreciated.

Thanks.

Comment by Barbara Thomas on May 1, 2013 at 3:06am: 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.

Comment by Rachael Babinchak on April 30, 2013 at 3:30pm: The Greentree group has executive contacts...this is common behavior.

Comment by Kevin - Greenville, SC on April 30, 2013 at 3:29pm: Joanie,

Have you submitted anything through Homepath yet?

http://www.homepathforshortsales.com/hpshortsaleinquiry.html

Comment by Kelly W. Maynard on April 16, 2013 at 6:07am: 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!

Comment by Kevin - Greenville, SC on February 21, 2013 at 5:55pm: Courtesy of Ron Ballard -

WILL FANNIE MAE STILL DICTATE THAT LISTING AGENTS LIE TOO?

http://bit.ly/XPb8Lw

Comment by Kevin - Greenville, SC on February 1, 2013 at 12:09pm: 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].

https://www.fanniemae.com/content/faq/short-sale-faqs.pdf

Comment by Wendy Rulnick on January 28, 2013 at 6:09am: Mike - I signed, thank you for starting this effort! Great job!

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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.