The Fannie Mae Short Sale Assistance Desk is open for business and promising to speed up the time it takes to get an answer on a short sale offer.
The help desk will address issues such as second liens, mortgage insurance and responsiveness of loan servicers, with the goal to review the case and respond within one week.
However, your local MLS must be a “participating MLS company”. I recommend that you contact your local MLS and ask if they have become a “participating MLS company in the Fannie Mae Short Sale Assistance Desk”? When you find out please let me know. If they have not and want to, your local MLS should contact Fannie Mae via e-mail at ssad_information@fanniemae.com for details.
Participating MLS companies will provide Fannie Mae with data on property sales. Fannie Mae Vice President Marcel Bryar said agents are expected to work with the loan servicer first. The assistance desk staff will help in the event the servicer has not:
- Provided an initial response within 20 days.
- Obtain a final property valuation within 30 days.
- Or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date of the completed workout package including the offer to purchase and contract.
- Agent received short sale approval from 1st mortgage servicer, but either the Private Mortgage Insurer or the 2nd mortgage servicer has imposed a closing condition that is not possible for the borrower to meet.
Note: Real estate agent must address all “actionable” requests from the mortgage servicer before submitting the issue.
To be eligible for Fannie Mae short sale help desk:
- Property must have a first lien owned by Fannie Mae.
- Servicer must have a valid offer for the property.
- Agent must be a member of an MLS who has partner with Fannie Mae.
- Agent must be the listing agent and obtain a signed authorization from the homeowners.
How do you do this? Your MLS will have a dedicated submission form posted on their website that you must use to submit. For more specific information and frequently asked question see the attached Fannie Mae Help Desk Publication.
Does Fannie Mae own the property? Use Fannie Mae’s “Loan lookup” tool http://www.fanniemae.com/loanlookup/
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Julia Iden
Advance Mortgage Education, Inc.
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