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SHORT SALES AND DEEDS-IN-LIEU OF FORECLOSURE

Effective September 1, 2019; however, Servicers may implement earlier if they are operationally ready to do so

We are revising our short sale and deed-in-lieu requirements in alignment with Fannie Mae and at the direction of the FHFA. These revisions simplify our short sale and deed-in-lieu requirements to improve the loss mitigation experience for Servicers and Borrowers

Short sale negotiation fees

At the discretion of the real estate broker, fees paid to a party to evaluate, negotiate or process a short sale with the Servicer, which are commonly referred to as "short sale negotiation fees," "short sale processing fees," "marketing fees," or "administrative fees," may now be deducted from the real estate broker’s 6% commission.

Negotiation fees still must not be deducted from the proceeds of sale or charged to the Borrower. Additionally, neither the Servicer nor its agents may charge Freddie Mac or the Borrower, either directly or indirectly, any fee whatsoever in connection with processing a short sale on any Mortgage. Standard and customary real estate commissions and settlement service fees agreed to by the Borrower and paid to the real estate brokerage and settlement agent are not prohibited