MLS launches short-sale assistance program

CAR and Fannie Mae partner to offer speedier short sales

Sunnyvale, Calif.-based MLSListings Inc. is the first multiple listings service in California to implement a short-sale assistance program from Fannie Mae, the multiple listing service announced last week.

On March 31, the California Association of Realtors and Fannie Mae announced they had partnered to provide brokers and agents with the Fannie Mae Short Sale Assistance Desk, a program designed to "significantly shorten" wait time for approval on short-sale transactions where Fannie Mae is the first-lien holder and a valid offer has been submitted for the property.

The program will also help CAR members handle "post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance," the association said.