To expedite the processing of short sales on Fannie Mae-owned loans the federal agency is inducing closer collaboration with mortgage servicers and real estate agents.
Fannie said it has expanded its HomePath for Short Sales tool in an effort to resolve short sale challenges “once a case is escalated.” It also creates a short cut for real estate agents.
According to Jay Ryan, Fannie’s vice presidenIt also creates a short cut for real estate agents.t for real estate sales, “By giving agents a straightforward, transparent way to escalate short sale issues to Fannie” is expected to help close more sales, prevent foreclosures and stabilize neighborhoods.
The new tool follows up on other taken steps to reduce short sale timelines, Fannie said, including expanding eligibility for short sales and prohibiting servicers from reducing an agent’s commission.
Fannie said it “will directly engage” with real estate agents or servicer to address new short sale escalation process challenges, such as “valuation disputes, delays by servicers or uncooperative subordinate lien holders.”
Fannie said it is open to assist any real estate professional working on a new short sale escalation process related to a Fannie owned loan. Realtors can use the HomePath to receive a recommended list price from Fannie prior to listing the property for sale.
The HomePath for Short Sales escalation tool has been received well by real estate professionals across the country who have already started use it to resolve challenging short sale issues, Fannie said.
Maryann Little, vice president for short sale mitigation with AA Premier Properties LLC and Short Sale Mitigation LLC in Stoneham, Mass., who recently used HomePath for Short Sales to communicate with Fannie representatives, said the tool escalated the resolve of a property valuation dispute in less than 24 hours. “I appreciated that I could send comps directly to Fannie Mae and let them know what we were seeing on our side of the short sale."
According to Kelby Teer, a real estate professional with HomeSmart in Phoenix, the new tool can expedite a short sale process in cases when servicers are not responsive to Realtors. It helps escalate the case to Fannie and to get a very quick short sale approval.