Fannie Mae, CAR Start Short Sale Assistance Desk Program
The California Association of Realtors has partnered with Fannie Mae to launch a program designed to help realtors resolve problems after a short sale offer of any Fannie Mae-backed loan.
With the launch of the Fannie Mae Short Sale Assistance Desk, brokers and agents can have the transaction process time reduced because the desk will handle post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
“This initiative marks another important step toward helping homeowners and realtors navigate the complex and difficult short sales process,” said Beth Peerce, president for CAR. “The assistance desk will expedite a timely resolution of short sales transactions, eliminating the long approval delays realtors often cite as problematic with short sales.”
The assistance desk influences relationships between participating Multiple Listing Services and their members to collect and submit information to Fannie Mae using a submission form on the MLS website.
Participating Multiple Listing Services also provide Fannie Mae with data to improve property valuations, which can help lenders in making quicker approval decisions on short sale requests.
The desk accelerates the short sale process because a real estate professional will receive an initial response within one week confirming that the case has been reviewed.
“This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Marcel Bryar, vice president for Fannie Mae. “We expect real estate professionals to first make a reasonable effort to resolve issues by working through the servicer, but the assistance desk staff will help in the event the servicer has not provided an initial response within 20 days, 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.”