Industry NewsMortgage

Fannie Mae offers short-sale ‘escalation’ tool

New channel for resolving valuation disputes and servicer delays

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Mortgage giant Fannie Mae is offering a way for real estate professionals working on short sales to communicate directly with the company when they run into problems. The new "short-sale escalation process" is an expansion of Fannie Mae's HomePath for Short Sales tool and is open to real estate pros working on a short sale involving a loan owned by Fannie Mae. The process is designed for issues such as valuation disputes, servicer delays, or uncooperative subordinate lien holders, Fannie Mae said. Agents can also use the process to get a recommended list price before putting a property on the market, the company added. "By giving agents a straightforward, transparent way to escalate short-sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover," said Jay Ryan, vice president for real estate sales at Fannie Mae, in a statement. "Getting short sales done benefits everyone involved, and we're committe...