Brokerage

Fannie Mae debuts short-sale tool for agents

Agents to register info on Homepathforshortsales.com

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In order to help it work with mortgage servicers to streamline short sales, Fannie Mae is now asking listing agents to register accepted short-sale offers on Homepathforshortsales.com, where they will be prompted to provide information such as the property address, MLS listing information, offer details, and subordinate lien information associated with a short sale. "We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price.  At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover," said Jay Ryan, vice president for real estate sales at Fannie Mae. On the website, agents also are asked to upload scanned copies of the sales contract, estimated net sheet or HUD-1 settlement statement, and a borrower authorization form.  ...