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

View All

Comment Wall

Comment

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

Comment by Kevin - Greenville, SC on June 12, 2011 at 7:57pm: http://www.usfn.org/Content/NavigationMenu/INDUSTRYRESOURCES/NMSRDL...

Comment by Kevin - Greenville, SC on June 2, 2011 at 5:44am: Anyone had success on getting Fannie Mae to allow a seller contribution @ closing to the 2nd on a non-HAFA?

Comment by Kevin - Greenville, SC on May 29, 2011 at 1:48pm: Interesting....no this is not HAFA

https://www.efanniemae.com/sf/guides/ssg/svcg/svc042810.pdf

Sometimes a borrower may be reluctant to list his or her property for an amount that is less than that required to satisfy the entire debt unless the servicer provides written assurance that the short payoff will be accepted. When this happens, the servicer must request Fannie Mae’s prior approval of the preforeclosure sale before the property is listed. If Fannie Mae approves the sale (subject to receipt of a specific price), the servicer can add the requested assurance as an addendum to the listing agreement.

Comment by Kevin - Greenville, SC on May 27, 2011 at 3:07am: @Patsy - The 31% still applies to Fannie and Freddie rules under HAFA. The change was only for NON-GSE loans.

Comment by Kevin - Greenville, SC on May 27, 2011 at 3:06am: Updates to Imminent Default Definition and Determining Market Value for Preforeclosures

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/svc1106.pdf

Comment by Bobbie Files on May 9, 2011 at 9:04am: Hi,

What is the process to dispute a highly erroneous FNMA value. I sent an email with valid current comps to the valuation desk. Is there a phone number I can call?

Thank you!!!

Comment by Patsy Clevenger on April 13, 2011 at 12:52pm: Terry

Under the new HAFA guidelines no they are not suppose to be using the 31% rule.

Comment by Terry Parrish on April 13, 2011 at 12:48pm: If a Seller is transitioning - short sale - their home - does the 31% rule apply on a HAFA SS - I am told yes from some, no from others. Have looked on the FNMA site, and cannot get a clear answer on this rule.

Comment by Wendy Rulnick on April 12, 2011 at 8:08am: What is the latest on buyers needing to be "late" to get Fannie Mae short sale approval- or not?

Comment by Gail Mitkoff on April 11, 2011 at 4:25am: The Fannie Mae Short Sale Assistance Desk is an excellent service to help Realtors escalate post-offer short sale issues related to servicer responsiveness, 2nd liens and MI issues. This is a streamlined escalation option (it is not an 800#) that is available only through participating MLSs, including Miami, MFRMLS, MRED, ARMLS, Tucson, NNRMLS, Intermountain, SE MN, and others coming soon in the New England, Northwest and Southeast markets. The California Association of Realtors is offering this service to MLSs in CA who have an executed agreement with Fannie Mae. Most cases get resolved in two weeks or less and longer for 2nd liens and MI issues. I hope this is helpful. Here's a link to Fannie Mae's FAQ:

n https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqs.pdf

‹ Previous
1
…
6
7
8
9
Next ›
Page

Members (242)

View All

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

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.